Standard Bank boosts SA tourist payments

By the end of 2025, more than 16,000 Standard Bank merchants across South Africa will be equipped to offer international visitors the ability to pay in their home currency at the point of sale. The bank says this will make South Africa a more seamless and welcoming destination for global travellers.

In partnership with fintech Fexco, Standard Bank is expanding the foreign exchange merchant network through the rollout of dynamic currency conversion (DCC) services. The DCC service allows international cardholders to view prices and pay in their own currency at the point of sale. This improves transparency and convenience, says the bank, and enables tourists to make informed purchasing decisions.

The rollout will span retail, hospitality, and tourism. The bank says frictionless payments are essential to customer satisfaction and business growth across these key sectors.

“South Africa’s tourism sector is more than a contributor to gross domestic product (GDP), it is a gateway to cultural exchange, economic inclusion, and global visibility,” says Norman Nyawo, Standard Bank head of merchant solutions.

“By rolling out DCC to over 16,000 merchants, Standard Bank is helping to remove barriers for international visitors, making it easier for them to pay with confidence and clarity. This initiative supports our broader commitment to position SA as a tourist-friendly destination, where technology and hospitality work hand in hand to deliver a world-class experience.”

 Billions spent on SA travel in 2024

Standard Bank’s data shows that clients spent tens of billions of rands on travel in 2024, double what was recorded in 2021. This includes more than 1.5-million flight bookings made, mostly by Private Banking clients. Travel and tour operators and accommodation accounted for 26% and 21% respectively, making them the next two highest spend categories. The growing appetite for travel, both locally and abroad, highlights the need for a strong tourism ecosystem supported by reliable, seamless payments.

According to Statistics South Africa, tourism contributed 8.8% to SA’s GDP in 2024 and supported 1.68 million jobs locally. With SA remaining a top destination for leisure, business, and adventure tourism, Standard Bank says enhancing the payment experience for visitors is more important than ever.

At the same time, the bank is investing in travel innovation through multiple initiatives. The newly launched Standard Bank Travel platform offers up to 40% flight discounts in-app, while the DCC rollout enables merchants to serve international visitors more effectively. Together, these initiatives form part of an integrated strategy supporting South Africans travelling abroad and foreign visitors spending locally.

“South Africans are part of the global travel boom. Worldwide, travel surpassed pre-COVID levels in 2023 and we’re no different. But here at home, people are hunting for better deals because travel costs keep climbing,” says Chiko Manokore, head of personal and private banking at Standard Bank.

“We want to help our clients grow wealthier by reducing their travel expenses and making flight more affordable. We’ve refreshed our travel benefits in the newly launched Standard Bank Travel.

“Most people don’t want to travel alone. For many South Africans, travel becomes unaffordable if discounts don’t extend to family and friends. We’ve removed that barrier by offering transparent base fares and inclusive discounts.

“At Standard Bank, we understand that travel is more than a luxury, it’s a form of building your wealth through knowledge and exposure to different perspectives. It’s how people connect, grow, and create memories that matter. That’s why we’re committed to helping our clients turn their wealth into richer life experiences by making travel more accessible.”

The DCC rollout aims to benefit both tourists and merchants. For international visitors, paying in their home currency removes uncertainty around exchange rates and post-transaction differences. For merchants, DCC offers a share of the conversion margin, creating a new revenue stream while improving customer satisfaction.

The initiative aligns with Standard Bank’s broader strategy to drive economic growth through digital transformation and financial inclusion. By leveraging technology to enhance the payment experience, the bank aims to help South African businesses compete more effectively in the global tourism market.

Sean Crowe, CEO of Fexco financial services, says “This launch represents a major milestone in our journey to bring world-class DCC solutions to SA. Our partnership with Standard Bank is built on shared values of innovation, reliability, and customer-centricity.

“We’re proud to support their merchants with a solution that enhances the payment experience for international visitors and drives incremental value for businesses.”

The DCC service will be available at a range of merchant locations, including hotels, restaurants, retail outlets, and tourist attractions. This broad coverage aims to ensure that international visitors enjoy a consistent and convenient payment experience throughout their stay in SA.

Fexco’s technology is trusted by acquiring banks and payment service providers across Sub-Saharan Africa, and the partnership with Standard Bank marks a significant milestone in regional expansion. With this deployment, Fexco now supports 75% of SA’s acquiring market.

These developments aim to strengthen Standard Bank’s role in both inbound and outbound tourism. The bank aims to make travel more affordable for South Africans and simplify payments for international visitors. As travel activity continues to rise, Standard Bank aims to support growth in South Africa’s tourism sector through payment and travel innovation.