Absa has partnered with Planet Payment, a leading provider of international and multi-currency payment (MCP) processing services, and CyberSource, a global payment gateway and merchant provider, to implement Shop in Your Currency, Planet Payment’s multi-currency pricing solution, in South Africa.“When we initially partnered with Planet Payment in 2010, Absa became the first local bank to implement Pay in Your Currency, also known as Dynamic Currency Conversion, and we look forward to further expand this relationship as we launch MCP in South Africa. The introduction of Shop in Your Currency™ provides our customers with a powerful tool that will assist them to succeed in the new global marketplace and will enable merchants to implement their international e-Commerce strategies without overseas expansion,” says Cowyk Fox, managing executive, Absa Card.
“This solution allows retailers to localise their e-commerce offering and simplify the shopping experience for international customers who view pricing and pay in their home currencies, while the merchant receives settlement in South African Rand as they do today,” says Issa Keshek, regional director, CEMEA, at Cybersource.
“We are delighted that Absa has chosen to include our Shop in Your Currency product in the bank’s suite of products for the South African market,” says Carl Williams, president and CEO at Planet Payment. “As global ecommerce sales continue to rise, we continue to believe that localized pricing is a key component to a merchant’s international e-commerce strategy.”
The solution will initially launch with Mr Price, one of South Africa’s fastest growing fashion retailers.