HSBC targets online commerce with FX conversion for retailers
HSBC says there is strong demand for currency conversion online and at ATMs
HSBC has rolled out a service that will allow online retailers to give customers the choice to pay in various international currencies.
HSBC FX FlexRate was initially rolled out across HSBC’s own ATMs and to merchants during the London 2012 Olympics. During that period, 70% of non-UK customers chose to transact in their own currency.
Now the bank is rolling out the product to digital services, with the intention of growing its presence in digital transaction services and target the growing online commerce sector.
“Everyday commerce increasingly takes place online and across borders, while international travel is becoming more affordable for millions of people,” said Joe Norena, global head of FX e-Distribution at HSBC. “Our expertise in FX risk management offers merchants the currency pricing to accommodate a range of end user buying experiences.”
The bank added that customer expectations for how they access and manage their money abroad have changed. The total number of currency conversion transactions on HSBC ATMs was 1.5 million last year.
