The Pay in Your Currency service will provide Absa merchants with the ability to present the international consumer with a choice of paying in Rand, or completing the purchase in any one of the 30 supported foreign currencies.
Absa Card’s card acquiring division is rolling out Pay in Your Currency with a trial of the simple payment solution at selected Absa Card merchants beginning in April 2010. Absa anticipates rolling out the solution to Absa Card merchants nationally starting the second half of April.
The process ensures foreign exchange transaction transparency by converting Rand amounts into the cardholder’s home currency at point of sale. The sale amount is agreed and verified by the cardholder using either a PIN or signature. Further, merchants gain access to Planet Payment’s analytics and reporting package, which allows for the complete reporting and reconciliation of all transactions through a single web-based interface.
However, Absa Card intends to introduce the technology after consultation with Barclays, the majority owner of Absa. Barclays has been offering a DCC solution through its Barclaycard in European countries for a number of years.
Donn Engelbrecht, director of acquiring and commercial cards at Absa Card, said: “Cardholders intuitively prefer to make buying decisions in their home currency. Based on merchants and cardholders readily adopting the service in Europe, it is reasonable to assume that cardholders would enjoy similar benefits in South Africa.”
Philip Beck, chairman and CEO of Planet Payment, said: “The adoption of Pay in Your Currency continues its steady climb as more merchants around the world have enjoyed increased sales and higher levels of customer satisfaction, while realising higher profitability.”
