Morocco enhances global e-commerce with new multi-currency payment system

Thursday 20 February 2025 - 07:50

By: Dakir Madiha

Morocco enhances global e-commerce with new multi-currency payment system

In a significant development for Morocco's digital commerce sector, the Centre Monétique Interbancaire (CMI) has launched a multi-currency payment service for local e-commerce websites through a strategic partnership with Global Blue. This new Dynamic Currency Conversion (DCC) functionality enables international customers to make purchases in major world currencies, including the euro, US dollar, British pound, Japanese yen, Canadian dollar, and Swiss franc.

The initiative addresses a crucial market need, with studies indicating that 76% of consumers prefer conducting transactions in their native currency. CMI CEO Rachid Saihi emphasized that this feature will enhance the purchasing experience for international customers while boosting the competitive edge of Moroccan e-merchants in the global marketplace.

Already successfully implemented on CMI's electronic payment terminals, the e-DCC service presents substantial growth potential for Moroccan online businesses. International benchmarks suggest that implementing this feature could drive sales growth by up to 20%, while improving conversion rates and average basket values. Merchants also benefit from a rebate system that significantly reduces international transaction costs.

Global Blue Morocco's General Manager Amine Temsamani highlighted the partnership's value, noting that it will provide complete transparency for foreign cardholders while helping Moroccan e-merchants create more personalized shopping experiences for international customers.

The timing of the launch aligns with CMI's reported surge in foreign credit card transactions, which reached MAD 26 billion ($2.6 billion) in 2024, marking a 36% increase from the previous year. CMI, with over two decades of experience in electronic payment solutions, continues to advance financial transaction modernization in Morocco alongside Global Blue, a worldwide leader in tourist tax refunds and payment solutions operating in more than 53 countries.