Absa rolls out POS currency converter for World Cup

New systems will be in place in SA

With the Football World Cup fast approaching this summer, measures are in place to provide a financial service that allows merchants to charge customers in their own currencies.

Absa has partnered with Planet Payment to ensure that the estimated 500,000 football fans descending on cities through South Africa will encounter no confusion with over-the-counter purchasing of goods and services.
 
It has teamed with Planet Payment on the Pay in Your Currency service to enable Absa merchants to present international consumers with a choice of paying in Rand or completing the purchase in any one of the 30 supported foreign currencies.

Absa has decided to offer the system after Barclay's, its majority owner, after it received positive feedback for similar services provided in Europe. Planet Payment also teamed with HSBC to introduce the service in China for the 2008 Olympics.

"At the highest level, the value proposition and benefit of Pay in Your Currency is simple. Cardholders intuitively prefer to make buying decisions in their home currency," said Donn Engelbrecht, director, acquiring and commercial cards, Absa Card.

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