By the end of 2025, more than 16,000 Standard Bank merchants across South Africa will be equipped to offer international visitors the ability to pay in their home currency at the point of sale, significantly enhancing the country’s appeal as a seamless and welcoming destination for global travellers.
The bank will be expanding its foreign exchange merchant network through the rollout of Dynamic Currency Conversion (DCC) services in partnership with global fintech leader, Fexco.
The DCC service allows international cardholders to view prices and pay in their own currency instantly at the point of sale. This not only improves transparency and convenience but also empowers tourists to make informed purchasing decisions. The rollout will span key sectors including retail, hospitality and tourism, where frictionless payments are essential to customer satisfaction and business growth.
Norman Nyawo, Standard Bank Head of Merchant Solutions says: “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. This initiative supports our broader commitment to position South Africa as a tourist-friendly destination, where technology and hospitality work hand in hand to deliver a world-class experience.”
This strategic initiative comes at a time when tourism continues to play a vital role in South Africa’s economy. According to Statistics South Africa, Tourism contributed 8.8% to South Africa’s GDP in 2024 and supported 1.68 million jobs locally. With South Africa remaining a top destination for leisure, business, and adventure tourism, enhancing the payment experience for visitors is more important than ever.
The DCC rollout is expected to benefit both tourists and merchants. For international visitors, the ability to pay in their home currency eliminates uncertainty around exchange rates and post-transaction surprises. For merchants, DCC offers a share of the conversion margin, creating a new revenue stream while enhancing customer satisfaction.
This initiative also aligns with Standard Bank’s broader strategy of supporting economic growth through digital transformation and financial inclusion. By leveraging technology to improve the payment experience, the bank is helping South African businesses become more competitive in the global tourism market.
Sean Crowe, CEO of Fexco Financial Services says “This launch represents a major milestone in our journey to bring world-class DCC solutions to South Africa. Our partnership with Standard Bank is built on shared values of innovation, reliability, and customer-centricity. 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 DCC service will be available at a wide range of merchant locations, including hotels, restaurants, retail outlets and tourist attractions. This broad coverage ensures that international visitors can enjoy a consistent and convenient payment experience throughout their journey in South Africa.
Fexco’s technology is already trusted by acquiring banks and payment service providers across Sub-Saharan Africa, and its partnership with Standard Bank marks a significant milestone in its regional expansion. With this deployment, Fexco now supports 75% of South Africa’s acquiring market, underscoring its long-term commitment to the region.
The partnership with Fexco, a global leader in financial technology and DCC solutions, reflects Standard Bank’s commitment to innovation and customer-centric financial services. Fexco’s technology will be integrated into Standard Bank’s merchant network, enabling real-time currency conversion for international cardholders and unlocking new revenue opportunities for South African businesses.
Digital Moonshine
South Africa is the winner of the National Outsourcing Association’s (NOA’s) Offshoring Destination of the Year Award 2012