ChangeGroup is committed to digitization without giving up cash in order to attract the traveler of the future
With record turnover and the backing of Prosegur Cash, ChangeGroup is redefining the currency exchange business. Its formula: maintaining cash as a pillar while building a digital ecosystem to offer increasingly integrated services to our customers.
The formula for growth: local knowledge and financial muscle
ChangeGroup's takeoff is no coincidence. “Growth has a lot to do with the relationship between Prosegur Cash and ChangeGroup,” says Láriz. The purchase made in 2022 made it possible to combine the strengths of both companies: "ChangeGroup has expert knowledge of tourists. We know the sector, tourists' needs, and their spending and consumption habits when traveling. And on the Prosegur Cash side, we have a large group with an international presence that gives us the technical and financial capabilities to grow."
This synergy has allowed ChangeGroup to expand its network to more than 200 locations in airports such as Singapore, Melbourne, Gatwick, and Las Vegas, as well as iconic locations such as Oxford Street in London, the Champs-Élysées in Paris, Times Square in New York, and Puerta del Sol in Madrid. "Today's world is interconnected. Tourism can only be understood from a global perspective,“ Láriz emphasizes. He adds: ”Travelers are becoming more sophisticated every day. They plan their trips more and better from home."
Innovation as a hallmark
The currency exchange business is gaining ground within Prosegur Cash. “Our presence within the group is growing,” admits Láriz. But the executive believes that ChangeGroup's true value lies not only in the numbers, but in becoming the group's innovative spearhead.
“Over the next few years, we are going to launch innovative solutions on a recurring basis. The idea is to build an increasingly valuable proposition for the customer on a digital basis,” he explains. The strategy involves renewing the offering every six months, which is unusual in the traditional currency exchange sector.
Cash and digital: complementary, not mutually exclusive
Far from seeing competition between cash and digital payments, Láriz defends their complementarity. “Nowadays, it is very common to pay in cash, by card, or by mobile phone, so they are not mutually exclusive,” he argues. And he points out that the traditional currency exchange business “continues to grow.”
The digital payment methods that the Company is developing will maintain the level of security, ease of use, and transparency in exchange rates that cash provides today.
'Paying with our usual card at our destination sometimes seems very convenient, but the reality is that in many cases we don't know what exchange rate we are paying. With our products, customers will know the exchange rate at which they are obtaining their currency before making any payment.'
Geographic expansion and regular launches
ChangeGroup's plans for the coming years are moving in two directions. On the one hand, it aims to continue expanding its geographic presence, both by strengthening markets where it already operates and by entering new countries. On the other hand, it aims to maintain the pace of innovation with regular launches.
“We are not looking for major disruption, but rather to add complementary products that are built on a digital foundation,” explains Láriz.
Faced with a scenario of tourism growth and higher expectations from travelers, ChangeGroup aims to become one of the leading financial services partners for international travel, remaining agile and technological, but aware that millions of people still need cash in their pockets.
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