Planet Payment, a US-based provider multi-currency credit payment processing services, has collaborated with South African financial group Absa and CyberSource, a payment gateway and merchant provider, to deliver multi-currency pricing solution, Shop in your Currency, in South Africa.
The solution enables 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.
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The ‘Shop in Your Currency’ solution is offered through the convenience of a single local merchant account, with funding and reporting continuing in the merchant’s home currency.
Absa Card managing executive Cowyk Fox said: "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 it in South Africa.
"The introduction of Shop in Your Currenc provides our customers with a powerful tool that will assist them to succeed in the new global marketplace and will allow merchants to implement their international e-Commerce strategies without overseas expansion."
Planet Payment president and CEO Carl Williams said: "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."
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