Barclays Bank of Botswana has launched a new offering in the market, which sees its Post of Sales Machines now being able to transact in other foreign currencies besides the Pula. This solution is known as Dynamic Currency Conversion (DCC).
The product was launched on Tuesday by the bank executives with various merchants in attendance. They used the occasion to also demonstrate how the whole process works. The solution will allow foreign travellers to pay for goods and services at merchant outlets in Botswana with their Visa or MasterCard in their home currency.
Whilst making payments using the Barclays Point of Sale machines, the device will be able to detect the currency of the Card and provide an option for the customer to either pay in Botswana Pula or in the Cardholder’s home currency.
Retail Director, Brighton Banda, they are always seeking ways of providing payment solutions that bring the convenience that customers need and expect, adding that spending in a currency best understood by a customer is meant to ease transactions for international customers so as to make their shopping experience more convenient.
Head of Cards - Acquiring and Issuance – at Barclays, John Lalit D’Souza, hailed the product as ideal to businesses.
For merchants, D’Souza said benefits form them include reduction of transaction costs through a rebate which will be credited once every month to the settlement account with every transaction converted to DCC.
Merchants would also not be worried as their account will be settled in the exact local currency as usual when the customer chooses to pay through DCC.
For customers, they will enjoy clearer pricing as by paying with their home currency, they will know exactly how much they are paying without having to wait for their bank to tell them. The solution also offers access to exchange rates which is up-to-date.
“The many benefits of this solution are all part of our growing efforts to enhance customer experience, and how foreign travelers experience Botswana. We are also pleased to be able to, in this way, further support local businesses, primarily in the retail and hospitality sector as the key servicer providers of foreign travelers,” said Banda, adding that they remain committed to introducing innovative and relevant solutions that allow our customers, communities, businesses and economy to prosper, and this is one such effort.