News

Kontanten ATMs to add DCC feature

October 2, 2013

Nordic IAD Kontanten will equip all of its ATMs in Sweden and Finland with dynamic currency conversion functionality during the month of October. The new service will be provided by Nordic card acquiring specialist Teller.

The service tested successfully during a September pilot program in Sweden and has been certified for Visa and MasterCard, Teller said in a news release.

Dynamic currency conversion allows cardholders to complete ATM withdrawals in their home currencies while traveling abroad. This on-the-spot conversion means that the traveler: a) is charged the current exchange rate; and b) knows exactly how much is being charged to the account.

For example, an American cardholder visiting Sweden will be able to withdraw Swedish currency from a Kontanten ATM and see the exact amount to be charged to the account in U.S. dollars, Teller said in the release.

"We are proud to present this new value-added service that will make life a little easier for foreign cardholders traveling abroad, and give them the opportunity to withdraw cash directly in the currency of their card and benefit from greater visibility on their costs," said Jesper Korsskov, SVP of products at Teller.

"The DCC service will make a significant revenue contribution for Kontanten and I am therefore very satisfied with the collaboration with Teller and the implementation of this value-added service for our ATMs in Sweden and Finland," said Patrick Nordwall, CEO of Kontanten Group.

Read more about ATM innovation.