Founded in 2015, the DCC Forum was created by a group of five international financial services companies. They had in common a shared desire to change the way that DCC is currently offered and understood in the market. DCC stands for Dynamic Currency Conversion, and in simple terms, it's the process by which you can pay in your home currency with a debit or credit card while abroad. This is a choice that merchants can offer their customers, and enables cardholders to pay in a currency familiar to them with the certainty of a locked rate of exchange at the point of transaction.
Today, the DCC Forum has grown to seven members - including Elavon, Euronet, FEXCO, Fintrax, Global Blue, Monex and Planet Payment - and is always encouraging new DCC providers to join us. We strongly believe that everyone in the industry benefits when both card users and merchants are better informed, and feel empowered to make the payment choices that are right for them. At our core is the belief that when DCC is offered, it should be done so correctly, in a clear and transparent manner and easy to understand by the cardholder.
This requires education for both merchants and the end user. DCC will be right for some customers, but may not be the correct choice for everyone. Card users have a right to know how the payment choices they make will affect the fees that they are charged, how these fees will be charged to them, and how it will affect the conversion rate applied to their transaction. Over the last two years, we have been working hard to increase the awareness of DCC, and the effects that different payment choices have. Whether you're a merchant, a holidaymaker, or a business traveller, we seek to provide you with the advice you need.
We've also conducted research into both holidaymakers and business travellers to see how issues such as expenses or worries about theft affect the way that they make payments while abroad. We will continue to work to increase awareness and to uphold the principles that the DCC Forum stands for. You can stay up to date with our latest news by following us on Linkedin.