Kenya Commercial Bank and Planet Payment Announce Multi-Currency Processing Agreement

Kenya Commercial Bank (KCB), Eastern Africa’s oldest and largest commercial bank, and Planet Payment, Inc., a leading provider of international and multi-currency transaction services, announced an agreement to launch Pay In Your Currency (PYC), Planet Payment’s dynamic currency conversion solution. This will mark the first launch of dynamic currency conversion in the region.

Pay In Your Currency provides Kenyan merchants with a new way to cater to international tourists – by enabling international visitors using an eligible VISA or MasterCard to pay in the currency they know best – their own. Boasting safari trails and palm tree lined beaches, tourism is a vital part of Kenya’s economy. With PYC, merchants catering to international travelers have a new way to attract customers, by offering a more personalized service while improving the profitability of their business. The solution supports approximately 100 currencies and is simple to support, with merchants continuing to receive settlement and reporting in Kenyan Shilling, as they do today.

According to KCB Director of Retail Anastacia Kimtai, the Bank continues to embrace innovations that match local know-how with a global thinking, hence easing the consumer journey. The effort streamlines KCB’s portfolio of merchants in e-payments and collections.

“We pride ourselves on offering customer-centric payment solutions that both merchants and their customers will appreciate and value. We look forward to this exciting phase as we provide traders with the best tailored solutions that will improve their business productivity,” she added.

“Planet Payment is thrilled to be expanding our global reach by launching Pay in Your Currency in Kenya with Kenya Commercial Bank, one of the oldest and most respected banks in the region,” said Jonathan Ellis, Managing Director, EMEA, at Planet Payment. “We are excited to be the first to bring this innovative solution to Kenya, helping merchants attract more customers and making the international traveler feel at home.”