Nedbank and Fexco partnership enable global visitors in SA to pay in their home currencies
Companies / 13 November 2019, 07:30am / Dhivana Rajgopaul
DURBAN - Nedbank and Fexco, have extended to their partnership that will see Fexco’s Dynamic Currency Conversion (DCC) solution provided to Nedbank merchants and their international customers throughout South Africa.
Fexco is a leading independent global provider of DCC and multi-currency (MCP) technologies.
The DCC technology allows international cardholders to pay for products in their home currency, with full visibility of the total cost of the transaction at the point of sale. The solution will also be deployed across more than 4000 Nedbank ATMs, giving international customers full visibility on the costs of withdrawing money from these Nedbank ATMs.
Mpho Sadiki, Executive: Card and Payments Acceptance at Nedbank said that the technology benefits both international customers and the merchants who serve them.
"The DCC software makes it more convenient for international tourists to pay for goods in South Africa, but it also offers a sense of comfort from knowing exactly how much they have paid in their home currency while the Nedbank merchants who offer this useful dynamic currency conversion facility benefit from enhanced appeal amongst prospective tourist customers, a frictionless international payments system and no foreign exchange risk to their businesses," said Sadiki.
Gavin O’Sullivan, Regional Manager, Sub-Saharan Africa at Fexco echoes this sentiment, and points to this partnership with Nedbank and its merchants as a significant milestone in the company’s ongoing expansion efforts into Africa.
O'Sullivan said, "The integration of Fexco’s DCC technology into Nedbank’s core card-acquiring system delivers numerous benefits to Nedbank merchants and their customers," he explains, "and this initiative is a good example of how we develop strong client partnerships to create sustainable revenue for them and enhance their customer offerings".
The DCC service is available, through Nedbank point of sale devices and ATM network, to international visitors paying with Mastercard and Visa cards. Both Sadiki and O'Sullivan are confident that the flexibility, convenience and transparency the solution offers overseas visitors will encourage more spending by tourists and ensure that the tourism sector grows its contribution to SA's economic development over time.
O'Sullivan said, "We expect to see significant growth, particularly in the ATM space in 2020, with three additional countries set to come on stream in Africa".
"We are delighted that this collaboration with Fexco, which aligns perfectly with Nedbank’s commitment to leveraging its digital leadership to deliver growing value to all our stakeholders, Sadiki concludes, "and this initiative is further evidence of our determination to be first in digital and use technology as an enabler to enhance client experiences," concluded O'Sullivan.
Nedbank launches lighter version of the Nedbank Money app
Nedbank has launched the Money App Lite, a more streamlined and lighter version of the Nedbank Money App.
Money App Lite balances providing rich digital banking experiences with the need to ensure access for all clients, including those with limited data or device memory.
According to Stelios Vakis, Digital Executive for Nedbank Retail and Business Banking, it is important to realise that, while Nedbank has clearly stated its Digitally First, First in Digital ambitions, it is also a bank for all.
The recently launched Affordability Report indicates that the average cost of 1 Gb of data is 7.12 percent of the average monthly salary. Combine this with the fact that South Africa’s data prices are amongst the highest on the continent and we certainly have a significant challenge around accessibility on our hands.
This is a very important fact that needs to be taken into consideration when building digital banking solutions and Money App Lite is the ideal answer to these challenges.