ComBank launches Dynamic Currency Conversion for online payments
View(s):As part of Commercial Bank of Ceylon’s sustained efforts to strengthen tourism-related businesses and improve convenience for foreign travellers, the bank has partnered with Mastercard to introduce Sri Lanka’s first Dynamic Currency Conversion (DCC) capability for online payments, marking a significant milestone in the country’s digital payments landscape.
Enabled via the Mastercard Payment Gateway Services (MPGS) platform, the new DCC feature allows international cardholders making online purchases from Sri Lankan merchants and to pay in their home currency at checkout, the bank said in a media release.
This first-of-its-kind capability for online payments in Sri Lanka is designed to help local merchants grow their business by making it easier for foreign travellers to book and pay online with confidence. By enabling Mastercard Payment Gateway Services (MPGS) with Dynamic Currency Conversion (DCC), Sri Lankan merchants, particularly in travel, hospitality and leisure can offer overseas customers a more transparent checkout experience when making reservations for flights, accommodation and related services.
DCC offers foreign cardholders the option to view and confirm the final transaction amount in their home currency before completing an online purchase, rather than being charged in Sri Lankan Rupees. The exchange rate and any associated fees are displayed upfront and processed in real time, removing uncertainty caused by fluctuating exchange rates or unexpected charges after the transaction is completed.
Commenting on this latest milestone, Sanath Manatunge, Managing Director/CEO of Commercial Bank said: “This collaboration with Mastercard enables us to offer our merchant base a competitive advantage, a new revenue stream, and a world-class payment experience that is transparent and convenient for every international shopper. This is a crucial step in supporting Sri Lanka’s drive to attract more digital foreign revenue and promote tourism.”
Sandun Hapugoda, Country Manager, Sri Lanka and Maldives at Mastercard, said: “The introduction of DCC brings global payment best practices to Sri Lanka, empowering international cardholders with choice and transparency when making payments. The bank has fully leveraged MPGS capabilities, including advanced features like Transaction Risk Management (TRM). MPGS serves as a versatile solution for merchants of all sizes, from small businesses to complex models such as payment aggregators and facilitators.”
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