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Doha – The Centre Monétique Interbancaire (CMI), Morocco’s leading online payment service provider, has partnered with Global Blue to launch a multi-currency payment service for Moroccan e-commerce websites.
The collaboration integrates Dynamic Currency Conversion (DCC) functionality, which allows international customers to pay in their preferred currencies at current exchange rates.
The new service enables Moroccan e-commerce merchants to offer their international customers the flexibility to complete transactions in various major currencies, including the euro, US dollar, British pound, Japanese yen, Canadian dollar, and Swiss franc.
“This new functionality will enable e-merchants to enhance the purchasing experience for their international customers and strengthen their competitiveness in the global market,” said Rachid Saihi, CEO of CMI in a press release.
“International studies have shown that approximately 76% of consumers prefer to see and pay the exact amount of their purchase in their own currency, leading to higher customer satisfaction and reduced friction during transactions,” he added.
The e-DCC service, already operational on CMI’s electronic payment terminals (EPT), represents a significant opportunity for Moroccan e-commerce businesses.
According to international benchmarks, the implementation of this feature could potentially increase sales by up to 20%.
The system not only improves conversion rates and increases average basket amounts but also offers merchants a rebate that helps significantly reduce international transaction costs.
Amine Temsamani, General Manager of Global Blue Morocco, stressed the benefits of the partnership, stating, “This consolidation of our alliance with CMI will provide complete transparency to foreign cardholders on their transactions.”
“It will also help Moroccan e-merchants increase their sales by offering a personalized shopping experience tailored to the needs of an international clientele,” he continued.
The launch comes as CMI reports a sharp rise in foreign credit card transactions, surpassing MAD 26 billion ($2.6 billion) in 2024, which marks an increase of 36% compared to the previous year.
CMI, which has been providing advanced electronic payment solutions for over 20 years, continues to play a crucial role in modernizing financial transactions in Morocco.
Its partner in this initiative, Global Blue, is a global leader in tourist tax refunds and payment solutions, operating in more than 53 countries worldwide.
