Visa Sued in Australia for irregularities

For the Australian Competition and Consumer Commission (ACCC, English acronym) announced today that sued Visa, the largest credit card network in the world, for alleged irregularities related to the service DCC (Dynamic Currency Conversion).

 

 

"The ACCC is concerned that Visa has sought to stop the growth of the service of dynamic currency conversion and, as a result, has limited the options available to consumers," said the chairman of the regulator, Rob Sims.

 

In a press statement, the ACCC said it believes Visa abused his powers in the market to prevent the spread of DCC to new retail stores in Australia and retail outlets that provide service oceanic DCC at ATMs to compete provided with Visa.

 

The DCC service gives the possibility to the holder of an international card to choose whether your transaction is processed in the currency of your country or in the shops or foreign ATM where the financial transaction performed.

 

When choosing a DCC, fixing the currency conversion for that moment and gives information to the holder of the credit card at the time of the transaction, which reduces the risk of possible changes in the exchange rate.

 

Presumably Visa implemented a series of measures to prevent the spread of DCC services between May and October 2010 in various parts of the world, including Australia, according to the ACCC.

In addition, Visa is believed to October 2007 banned the use of DCC in transactions at ATMs in Australia, the statement added.