Kenya Commercial Bank and Planet Payment, a leading provider of international and multi-currency transaction services, have launched dynamic currency conversion solution that seeks to boost Kenyans confidence in electronic transactions.
Dynamic currency conversion solution allows one when making a payment in a foreign country, have the cost of a transaction converted to their home currency at the point of sale, also dubbed “the Pay In Your Currency (PYC)”.
The system seeks to boost Kenyans confidence in electronic transactions, e-commerce and online banking in the country. This being the first launch of dynamic currency conversion in the region- the solution will be rolled out to 500 merchants across Kenya.
“This innovative solution will help KCB merchants attract more customers, by making the international travelers feel at home,” said Jonathan Ellis, Managing Director, EMEA, at Planet Payment.
KCB EMV cards allow users to conduct transactions such as making online payments. With Pay in Your Currency, Kenyan merchants can cater to the influx of international tourists, by enabling international visitors using an eligible VISA or MasterCard to pay in their local currency, while merchants continue to receive settlement and reporting in Kenyan Shilling.
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