CrediMax unveils new payment option
Manama, April 24, 2014
Credit card issuer CrediMax has announced the launch of a service that allows customers the option of paying for purchases in their currency of choice.
The company said the Dynamic Currency Conversion (DCC) service is the first of its kind in the kingdom, according to a report in the Gulf Daily News, our sister publication.
It has been launched in collaboration with FEXCO.
"The DCC service reflects our commitment to meet the demands of customers by providing innovative and value-added benefits focused on transparency, ease and convenience," said CrediMax chief executive Yousif Ali Mirza.
The DCC service converts Visa and MasterCard purchases for goods or services into the cardholder's currency of choice at the time of sale; allowing customers to see the true cost of transactions.
The currency conversion rates are automatically generated from Reuters and updated up to six times a day to ensure competitive rates.
"The DCC is a service that meets the need of the growing market," CrediMax head of merchant department Amira Ismail said.
"Corporates and business can benefit from the service as an additional income stream generated from the foreign exchange conversions. We currently offer a choice of 27 global currencies and will also provide a specialised team to train and offer technical assistance at point of sale (POS) locations."
The POS machines will be able to automatically detect whether the DCC service is available for each cardholder ensuring a safe transaction.
"We are delighted to work alongside FEXCO to offer this dynamic service. FEXCO is well-reputed for delivering a wide-range of services across the globe," she added. – TradeArabia News Service