In the recent past, India has transformed itself to become a hub for inbound foreign travelers. A wide array of interests - entertainment, sports, religion, culture, adventure, health, education, and business – drives foreign travelers.

Inbound Foreign Travelers* rose from 2.72 mn in 2004 to 4.4 mn in 2006. The estimated International arrivals in 2007 were pegged at around 5 mn. Tourism significantly contributes to India 's Foreign Exchange Earnings, which grew from US$ 6.17 bn (Rs. 27,944 crores) in 2004 to an estimated US$ 11.96 bn (Rs. 49,413 crores) in 2007. It is also estimated that Foreign Exchange Earnings on Indian Tourism might increase to Rs. 2,111.8 bn, or US$35.4 bn in 2017**.

This rapid growth witnessed in inbound travel to India has given way to an innovative and smarter alternative – ExchangePlus , the Dynamic Currency Conversion (DCC) technology by NeoWorth, a complete solution for your Acquiring Banks' merchant business.

With ExchangePlus , foreign travelers can enjoy the confidence and convenience of paying for their bill in the currency they understand best – ‘their own'. ExchangePlus delivers multiple currency transaction processing on a single credit card payment terminal. A payment terminal equipped with this software allows your customer paying by Visa or MasterCard, to pay for their goods and services in their home (billing) currency, while you continue to be settled in your local currency (INR).

ExchangePlus gives your customer a choice to transact in the currency they wish to pay in. This means that the customer will see the cost of the purchase in both currencies as well as the exchange rate applied, helping them feel informed and in control of their money in a foreign location.

* Source: Department of Tourism, Annual Report 2007-08
** Source: T he World Travel & Tourism Council (WTTC) Report 2007

  How ExchangePlus Works

• The Cardholder traveling in India presents his Visa/MasterCard for payment
• The Credit Card details are captured on the Point of Sale (POS) device
• The POS identifies the home currency of the Cardholder
• The Cardholder is given the option to pay either in the local or his / her home currency
• The cardholder signs a receipt that clearly shows the INR amount, rate of exchange and his selected home currency
• The service facilitates billing of this exact amount to the cardholder's account, if the cardholder opts for transaction in his/her home currency
• The service facilitates credit to your account in the same local (INR) amount

  Benefits To Merchants:

• New Business: ExchangePlus gives you the potential to offer a value added service to your international customer base
• Superior Customer Experience and Service: Your customers will value the experience as it is more convenient – from budgeting to eliminating price confusion
• Seamless Integration: Our system effortlessly integrates with your existing system at no added cost
• Ease of Use: The system follows the normal local currency terminal process making it easy to use and understand
• Fewer Disputes and Chargebacks: Customer's credit card is billed in exactly the same amount that appears on the chargeslip, and hence no surprises & no chargebacks .
• Extended Currency Options: ExchangePlus currently offers DCC in 14 currencies
• Complete Solution: The only end-to-end payment processing solution offering in India . From direct treasury exchange rates and transaction processing, to back-end reconciliation, settlement, service support, seamless process with unmatched experience .

Benefits to Cardholders:

• Eliminates Unpleasant Surprises: The credit card purchases are converted instantly at the Point of Sale (POS) terminal to the Cardholder's home currency — eliminating any unpleasant surprises for consumers, when their credit card bill arrives. “What they see is what they pay”
• Clear, Transparent & Convenient: Chargeslip clearly displays the exchange rate, and both currency amounts making the entire payment process transparent and convenient to the customer
• Customer Confidence: Purchases can be made with increased confidence. International purchases will now be less daunting as the Cardholder is immediately aware of the purchase price in their own card currency. The confusion associated with transacting abroad is eliminated
• Eliminating Foreign Exchange Risk: The risk of fluctuating Foreign Exchange rate is removed - the exchange rate applied to DCC transactions is guaranteed
• No Hidden Charges: There are no further currency conversion fees or charges applied to DCC transactions for customers