LONG BEACH, N.Y. and DUBAI, United Arab Emirates, Aug. 6, 2012 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (LSE:PPT) (LSE:PPTR) (OTCQX:PLPM), a leading international and multi-currency payment processor, and MashreqBank PSC ("Mashreq"), one of the UAE's leading financial institutions, today announced an agreement to provide Planet Payment's Pay in Your Currency® service to Mashreq's portfolio of merchants in the United Arab Emirates. The parties launched the service in the second quarter of 2012.
Pay in Your Currency can offer significant value-added benefits to Mashreq's merchants and their customers. With Pay in Your Currency, eligible customers are offered the convenience of paying in their home currency at the point-of-sale. The customers are handed a receipt, or pointed to an electronic terminal, which show the transaction amounts in the UAE Dirham and their home currency, together with the exchange rate and other service details. The customer then makes their currency choice on the receipt or device. With Pay in Your Currency, international travelers can enjoy a more comfortable shopping experience by knowing what they are paying in their home currency, while simultaneously providing the merchant with an opportunity to reduce the processing costs incurred on these transactions.
"Mashreq is focused on providing payment solutions that allow our merchant customers to operate their businesses more efficiently and profitably," said Nimish Dwivedi, Head of Payments at Mashreq. "We are excited to offer Planet Payment's Pay in Your Currency service which delivers positive benefits to our merchants and their international customers."
"The United Arab Emirates has established itself as a center of global commerce and, as such, the merchant community in the UAE requires tools to better serve their important international clientele," said Jonathan Ellis, Managing Director EMEA of Planet Payment. "Pay in Your Currency is designed to improve the shopping experience for foreign customers by allowing them to pay in the currency they are most comfortable with – their own."
About Mashreq
Mashreq is one of the UAE's leading National Financial institutions and the second oldest. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers' cheques, credit cards and ATMs.
Mashreq has received numerous international awards reflecting the bank's successful record, such as the 'Best Regional Retail Bank Award' at the Banker Middle East Industry Awards 2012, Best Bank in Emerging Markets in the Middle East 2010 Award from Global, Best Branch Design Award & Best Islamic Investment Fund Award for Mashreq Al Islami Income Fund from Banker Middle East Product Awards 2012, Dubai Human Development Appreciation Award 2012 for its efforts towards the Development of the Emiratisation initiative.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
About Planet Payment
Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in 18 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 45 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and are integrated within the payment card transaction flow enabling our acquiring customers to process and reconcile payment transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment's page on Facebook.