KCB in conjunction with Planet Payment launched Pay in Your Own Currency (PYC), a service that will enable tourists and other international visitors to make payments in Kenya using their own local currencies.
Planet Payment, based in long beach New York, is a leading provider of international and multi-currency transaction services. They partnered with KCB to build a service is mostly target to the influx of tourists in Kenya and the hospitality industry.
With an eligible Visa or MasterCard, a tourist will be able to pay in their local currency but the merchants will receive the money in Kenya Shillings. This will enable the merchants to offer personalized services to the visitors.
KCB plans to roll out the solution to 500 merchants in the country. At the moment, over 100 currencies are supported with others to be added with time.
Jonathan Ellis, Managing Director, EMEA, at Planet Payment said that “Planet Payment is thrilled to partner with KCB Bank, one of the oldest and most respected banks in the region, and to be the first to bring dynamic currency conversion to Kenya. This innovative solution will help KCB merchants attract more customers, by making the international travelers feel at home.”
KCB promises to continue to embrace innovations that match local know-how with a global thinking hence easing the consumer journey. Mrs. Annastacia Kimtai, Director Retail KCB Bank said that “We are excited to be the first in Kenya to launch Pay in Your Currency, a solution that enhances the payment experience for international tourists, while helping our merchants improve both customer service and profitability.”