The UAE acquirer Mashreq Bank has launched dynamic currency conversion
(DDC) services for
its retail customers in the country.

The “Pay in Your Currency” initiative allows
MasterCard and Visa cards holders to choose in which currency they
want to pay.

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Both costumers and merchants know instantly
the exchange rate applied to the transaction.

“Pay in Your Currency is designed to improve
the shopping experience for foreign customers by allowing
them to pay in the currency they are most comfortable with – their
own,” said Jonathan Ellis, Managing Director EMEA of
Planet Payment, the
processor providing the DCC capability.

Tourism constitutes a major growth area for the retail sector in the UAE.
The country had climbed the ranks of the Global Retail Development
Index produced by the management consultant firm AT
Kearny, and is
currently 7th in the world. 

According to AT Kearny, more than 54 million
people visited the Dubai Mall in 2011, making it the world’s
most-visited shopping and leisure destination. Average retail sales
have increased by 35% since last year.

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 “[Pay in Your Currency] delivers
positive benefits to our merchants and their international
customers,” said Nimish Dwivedi Head of Payments at Mashreq.

DDC first arrived in the UAE in 2010, when it
was implemented at Dubai International Airport, after an agreement
was reached between Dubai Duty Free and FEXCO Merchant
Services.

The technology became available in the country
retail outlets in 2011, when the other main UAE acquiring bank,
Network International, entered an agreement with Planet
Payment.