SYDNEY, 4 February 2013 – Visa will vigorously defend itself against claims by the Australian Competition and Consumer Commission that our rules on Dynamic Currency Conversion (DCC) infringe Australia’s competition laws.
DCC is a financial service used by international cardholders to convert a transaction from one currency to another when making a purchase at point of sale or withdrawing cash from an ATM in Australia.
Visa permits DCC at merchant point of sale but does not permit the service at ATMs.
“Visa has cooperated fully with the investigation by the ACCC and we strongly reject allegations that our rules on DCC services infringe Australia’s competition laws,” said Zoe Hibbert, a spokesperson for Visa.
Media ContactZoe HibbertVisaausinfo@visa.com
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 24,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com.