In a significant move to bolster the appeal of South Africa as a prime tourist destination, Standard Bank is rolling out Dynamic Currency Conversion (DCC) services to more than 16,000 merchants by the end of 2025.
This innovative service will enable international visitors to make purchases in their home currency at the point of sale, transforming the payment landscape for global travellers and enhancing overall customer satisfaction across various sectors, including retail, hospitality, and tourism.
The partnership with global fintech leader, Fexco, fuels this rollout, aimed at improving the payment experience for international tourists.
The DCC service allows visitors to view prices and transact in their native currencies, alleviating the complications associated with fluctuating exchange rates and unexpected post-transaction fees. Such transparency not only fosters trust but also empowers tourists to make informed financial decisions during their travels.
Norman Nyawo, Head of Merchant Solutions at Standard Bank, commented on the venture, stating, “South Africa’s tourism sector is more than a contributor to gross domestic product (GDP); it is a gateway to cultural exchange, economic inclusion, and global visibility. By rolling out Dynamic Currency Conversion (DCC) to over 16,000 merchants, Standard Bank is helping to remove barriers for international visitors, making it easier for them to pay with confidence and clarity.”
His sentiments reflect a broader commitment to positioning South Africa as a welcoming, tourist-friendly environment where cutting-edge technology meets exceptional hospitality.
The timing of this rollout is particularly pertinent. Tourism in South Africa is a vital economic driver, contributing 8.8% to the GDP in 2024 and supporting approximately 1.68 million jobs nationwide.
With South Africa recognised as a premier destination for leisure, business, and adventure tourism, enhancing the payment experience is now more essential than ever.
The DCC initiative promises to not only benefit tourists but also to create new revenue streams for merchants, who will receive a share of the conversion margin on transactions.
This dual advantage supports Standard Bank’s broader strategy of promoting economic growth through digital innovation and enhanced financial inclusion.
By integrating technology that streamlines payment processes, the bank is positioning South African businesses to better compete in the global tourism market.
Sean Crowe, CEO of Fexco Financial Services, expressed his enthusiasm for the launch, calling it a “major milestone” in delivering world-class DCC solutions to South Africa. Noting their shared values of innovation, reliability, and customer-centricity, he stated, “We’re proud to support their merchants with a solution that enhances the payment experience for international visitors and drives incremental value for businesses.”
The rollout of DCC services will take place in a wide range of locations, including hotels, restaurants, retail outlets, and tourist attractions, ensuring that international visitors experience seamless and convenient payment processes throughout their stay in South Africa.
Fexco’s advanced technology is already trusted by acquiring banks and payment service providers across Sub-Saharan Africa, and its collaboration with Standard Bank is viewed as a significant step in its regional expansion.
This partnership now covers 75% of South Africa’s acquiring market, underlining Fexco’s long-term commitment to the region.
With this strategic initiative, Standard Bank not only reaffirms its commitment to customer-centered financial services but also significantly enhances the tourist experience in South Africa, paving the way for greater economic inclusion and cultural exchange.
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