Kerry-based fintech company Fexco has launched a new service that offers overseas visitors to Ireland a foreign exchange rate on the spot when they elect to pay their bill by tapping their phone, letting them know exactly how much they are spending in their home currency.
Fexco is working alongside AIB Merchant Services (AIBMS) to roll the service out across Ireland. The first business to offer the service to its customers is Co. Kerry's Muckross Park Hotel.
Evolving Payment Methods
Head of strategic development Europe at Fexco Shane McElroy commented, "The way we pay for goods and services is evolving, with our smartphones increasingly being used as a wallet, particularly in younger demographic groups. It makes sense to enhance our product offering to ensure the foreign exchange service we provide to users paying by card is also now available for Apple and Android Pay users. Working alongside AIBMS, we hope that many other Irish businesses, particularly those serving tourists, will join Muckcross Park Hotel in offering a contactless foreign exchange option."
Fexco and AIBMS are targeting this new service at retail, hospitality and car rental businesses, and are making it available to all AIB Merchant Services’ customers across the UK and Ireland.
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