5/15/2006

PLANET PAYMENT & JOURNEYPAY TO ENABLE TRAVELERS TO PAY IN THEIR OWN CURRENCY ^® 

Multi-currency payments processor Planet Payment and transport payments specialist JourneyPay today announced an agreement to offer dynamic currency conversion to international travellers using London’s Heathrow Airport who take a licensed, “black cab” taxi. These travellers will have the choice to pay their fare in their home currency, right in the taxi, when they use their Visa or MasterCard credit card. Adding to the convenience will be a guarantee that the currency conversion rate used in the taxi will be better than the rate (including international usage fees) that the traveller would be charged by his own credit card provider if he had paid in Pounds Sterling.


The optional new service, called FX Assured®, is Planet Payment’s Best Rate Guarantee. It is designed to help foreign travellers fully understand the cost of their rides while guaranteeing that the conversion rate they pay in the taxi will be at least as good, and in most cases better, than the effective rate their non-UK credit card issuer would charge to convert the same fare if the cardholder paid in Pounds Sterling. If it turns out that a traveller would have received a better rate (including international usage fees) for the same fare, from the bank that issued the card used, by paying in Pounds Sterling, then the Best Rate Guarantee promises that Planet Payment will refund 150% of the difference in cost.


FX Assured will be available in cabs registered to the British Airports Authority (BAA) taxi management system and will be administered by Heathrow Airport Licensed Taxis (HALT), whose credit card services are provided by HaltPay, JourneyPay’s Heathrow division for taxis. Planet Payment, based in New York, developed the technology behind the service and will process the multi-currency transactions. The service is expected to be available in the second half of 2006.


Commenting on the agreement, Philip Beck, Chairman and CEO of Planet Payment, said, “London taxis are a symbol of excellent service to visitors from all over the world. We are honored to work with JourneyPay and HaltPay to provide HALT with a best-in-class product that will help international travellers fully enjoy this part of their visit to London. By offering the combination of convenience and value that FX Assured provides, HALT have committed to providing an even better experience for international visitors.”


Barry Davis, Chairman and CEO of JourneyPay said, “HALT continuously work with the BAA to make the cabs at Heathrow the most convenient and welcoming to all arriving guests. Thanks to our multi-currency processing partner, Planet Payment, we are able to offer international visitors the price transparency of dynamic currency conversion along with Planet Payment’s Best Rate Guarantee. We think these visitors will find this service very welcoming indeed.”


Planet Payment and JourneyPay have designed FX Assured so that the decision to use dynamic currency conversion will be entirely up to the traveller; conversion in the taxi will take place only with the traveller’s express consent. The service is also supported by technology solutions from Servebase Computers Ltd and Thyron Systems Ltd. JourneyPay and Planet Payment plan to identify other opportunities to serve international travellers together.


Planet Payment is the trade name for Planet Group, Inc. [LSE:AIM: PPTR and PPT for restricted and unrestricted shares respectively]. Further information on Planet Payment can be found at: www.planetpayment.com


Planet Payment is a multi-currency payment processor, enabling processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, and allowing international cardholders to view prices and settle transactions in their native currency when traveling abroad. Planet Payment’s systems also enable it to provide enhanced data reporting and data mining to merchants who are using multiple systems in different countries.


The Planet Payment business was established in 1999 and Planet Group, Inc. is listed on the AIM market of the London Stock Exchange. Planet Payment is headquartered in New York and has offices in the United Kingdom, Singapore and Hong Kong.


JourneyPay provide innovative, practical and cost effective payment solutions and systems to the transport sector. JourneyPay have worked closely with HALT, HALTPAY, British Airports Authority (BAA), Thyron Systems, Servebase and Lloyds TSB Cardnet to achieve this solution.


HaltPay was formed as Heathrow Airport Licensed Taxis’ (HALT) payment solution provider, IT consultancy and systems provider. HaltPay work closely with BAA and the London Taxi Trade to supply innovative and cost effective solutions. HaltPay use a JourneyPay product.


Forward-Looking Statements. Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those regarding Planet Payment’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Planet Payment’s business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.