Many vendors claim that they support multi-currency in their mobile payment/banking solutions. After giving it some thought, I was not sure what this mean. Or to put it differently, I am sure it means something different for different platforms.I believe multi-currency support can be grouped under one of the following categories (arranged in degree of sophistication):
- No Multi-currency
- Different currency for different deployments. A specific deployment can be initialised with any of the supported currencies.
- The platform supports currency conversion transactions from one currency to another. This is implemented for transactions originating or terminating external to the mobile banking platform.
- Full support for multi-wallets with different currency, full multi-currency conversion during real-time transactions, with clearing and settlement capabilities.