KCB Bank and Planet Payment have started a Pay In Your Currency (PYC) platform which supports multiple currencies to foster payments in local currencies.
The move marks the first launch of dynamic currency conversion in the region and is expected to be rolled out to 500 merchants across Kenya.
With PYC, merchants can cater to influx of international tourists, by enabling international visitors using eligible VISA or MasterCard to pay in their local currency as merchants continue to receive settlement and reporting in Kenyan Shilling.
Supporting approximately 100 currencies, PYC will help retail, restaurant and hospitality merchants offer more personalised service without the hassle of conversions.
“This innovative solution will help KCB merchants attract more customers, by making the international travelers feel at home,” said Jonathan Ellis, Managing Director at Planet Payment.
According to KCB Bank Director Retail Annastacia Kimtai, the Bank continues to embrace innovations that match local know-how with global thinking hence easing the consumer journey. The effort streamlines KCB’s portfolio of merchants’ in e-payments and collections.
Planet Payment’s point-of-sale and e-commerce services help merchants, integrated within the payment card transaction, to facilitate shopping, payments, transactions and reconcile payment transactions in multiple currencies, geographies and channels.