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Morocco’s CMI Expands Currency Options for International Card Payments

With the new service, tourists will now have more currency options to make payments while visiting Morocco.

Rabat – Morocco’s Interbank Monetary Center (CMI) has introduced an expansion to its Dynamic Currency Conversion (DCC) service, allowing international Visa and Mastercard holders to make international transactions in a broader range of currencies.

The development is expected to facilitate electronic payments and foster stronger ties between Morocco and the countries from which tourists originate, converging reports indicate.

The CMI has added six new currencies to its DCC service. Visitors can now make direct payments in their home country’s currency.

The newly included currencies in the DCC service are the Canadian dollar, Swedish krona, Australian dollar, Kuwaiti dinar, Qatari riyal, and Israeli shekel. 

With these additions, businesses and establishments affiliated with the CMI can offer their customers an extended range of currency options for payments.

Hotels, restaurants, luxury boutiques, car rental agencies, and various other businesses that regularly serve tourists, foreign businessmen, and Moroccans living abroad will particularly benefit from this expansion. 

The DCC service has been available since 2014 for six major currencies: the euro, US dollar, British pound, Swiss franc, Saudi riyal, and Emirati dirham.

Speaking about the new development, the CMI highlighted its objective to support Morocco’s national tourism development plan and contribute to the growth of the electronic payment sector. 

By easing payment transactions and reducing the complexity of exchange rate calculations, the CMI said it aims to enhance the overall experience for international visitors while strengthening the country’s economic ties with their home countries.

The CMI’s electronic payment terminals (TPE) will now automatically identify the customer’s card and its associated currency, giving them the choice to pay in Moroccan dirham or their home country’s currency. 

The payment receipt provides a clear breakdown of the transaction amount in both dirhams and the customer’s preferred currency, along with the applied exchange rate.

Source : Morocco World News