Payment by foreign cards: The CMI introduces 6 new currencies to its DCC service

Through its 6 new currencies, the CMI contributes to the strengthening of commercial and tourist relations between the Kingdom and the rest of the world. Monetics: According to the CMI, the extension of the DCC service with the introduction of new currencies testifies to its desire to support the development of tourism in Morocco and to promote international exchanges with the Kingdom’s partners. New currencies are entering the DCC (Dynamic Currency Conversion) service of the Interbank Electronic Payment Center (CMI). These are the Canadian dollar, the Swedish krona, the Australian dollar, the Kuwaiti dinar, the Qatari rial and the Israeli shekel. The integration of these currencies is in fact the result of a partnership with Global Blue, a world player in tourist tax refunds and payment solutions. Commenting on this announcement, the CMI indicates that it is good news for merchants affiliated with the Center who will thus be able to offer their customers carrying foreign cards a wider range of currencies for their payments in Morocco. “The addition of these new currencies is intended to help support Morocco’s national tourism development plan by also facilitating electronic payments, while promoting the strengthening of relations between Morocco and tourist-originating countries. “The CMI thus opens up new opportunities to strengthen trade and tourism relations between the Kingdom and these countries,” says the Interbank Electronic Banking Center. In detail, the DCC service is available exclusively on CMI electronic payment terminals (TPE). It allows travellers, holders of international Visa and Mastercard cards, to pay their expenses directly in their country’s currency, thus eliminating the uncertainties associated with exchange rates when paying by foreign bank card. “From a functional point of view, the TPE identifies the customer’s card and its currency, it has the choice to pay in dirham or in its currency. On the ticket are indicated the exchange rate applied, the amount of the transaction in dirham and the amount of the transaction in the customer’s currency,” explains the CMI. And to add that “for merchants, the DCC service has many advantages, such as a reduction in commissions and an increased attractiveness for their customers using foreign cards, thanks to an improved customer experience”. With the extension of this service, the CMI thus supports the dynamics of payment by foreign cards in Morocco. The latter experienced a very strong increase in activity in the first quarter of 2023. In this sense, we note a total of 5.1 million transactions for an amount of 5.5 billion dirhams, up 203.3% in number of transactions and 224.2% in amount compared to the same period in 2022. As a reminder, this service is mainly aimed at hotels, restaurants, bazaars, luxury shops, car rental companies and more generally all the shops that welcome tourists, foreign businessmen and Moroccans from around the world. It has been available since 2014 for six currencies. These include the euro, the US dollar, the pound sterling, the Swiss franc, the Saudi riyal and the Emirati dirham.