Printable versionGlobal Payments and Planet Payment Sign Agreement to Launch “Pay in Your Currency” Service for Merchants in India
05/28/08Planet Payment [LSE:AIM:PPT and PPTR], a leading international multi-currency payment and data processor, has entered into an agreement with Global Payments [NYSE:GPN], a leading provider of electronic transaction processing services, to provide Pay in Your CurrencyTM service to Global Payments’ merchants in India. The service gives the consumer the opportunity to have a credit card transaction converted to their selected currency, providing the benefit of immediately knowing the exact price.
The agreement announced today expands upon the existing relationship between Global Payments and Planet Payment. In November 2007, the parties announced agreements to launch Pay in Your Currency in Malaysia and Taiwan, followed by an agreement in March 2008 for the provision of the service to HSBC merchants in Mainland China. The services have now been launched in all three countries.
India, which has been experiencing strong growth in international travel, presents an ideal market for the Pay in Your Currency Service. According to statistics released by the India Ministry of Tourism, the level of inbound international travel to India in 2007 increased 11.9% as compared to 2006 results, and increased by the same percentage from January through April in 2008, compared to the first four months of 2007. The market conditions for the Service should, therefore continue to strengthen over time. The World Travel and Tourism Council anticipates that India will be the world’s fastest growing tourist destination during the next decade, with predicted annual growth rates of 8.8%.
Commenting on the agreement with Global Payments Asia Pacific, Chairman and Chief Executive of Planet Payment, Philip Beck, said, “We are pleased to be working with Global Payments to introduce our Pay in Your Currency service to Global Payments’ merchant portfolio in India. The service is designed to benefit both merchants and their customers—merchants are able to cater for and provide enhanced customer service to their international clientele, while their customers are able to enjoy greater clarity and convenience at the point-of-sale, as well as make more informed buying decisions.”
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Enquiries to:
Planet Payment
Thomas DeLuca, SVP Corporate Development
Joel Mayer, Director Corporate Development
Tel: +852 9303 0658
tdeluca@planetpayment.com
Tel: +1 .516 .670. 3200
jmayer@planetpayment.com
Redleaf Communications Ltd (for Planet Payment)
Emma Kane / Samantha Robbins / Richard Girling / Henry Columbine Tel: +44 20 7822 0200
Fax: +44 20 7822 0201
planet@redleafpr.com
ICR, Inc. (for Planet Payment in the USA)
Brian Prenoveau, CFA / Ashley Ammon MacFarlane Tel: +1 203 682 8200
Canaccord Adams Ltd (for Planet Payment)
Mark Williams Tel: +44 20 7050 6500
About Planet Payment
• Further information on Planet Payment® can be found at: www.planetpayment.com.
• Planet Payment’s Common shares trade on AIM under the symbols PPT for unrestricted Common shares and PPTR for Reg S Common shares. All shares carry the same rights and privileges but PPT shares can now be settled through CREST.
• Planet Payment enables processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. The “Pay in Your Currency” service is a component of Planet Payment’s suite of multi-currency processing solutions, which include a multi-currency pricing e-commerce service and a Dynamic Currency Conversion service. Planet Payment also recently launched BuyVoice™, a mobile payment and commerce solution, which allows merchants to accept payments and sell product to customers using any mobile or landline phone.
• Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore.
About Global Payments
Global Payments Inc. (NYSE:GPN) is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America, Europe and the Asia-Pacific region. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco, and the Philippines. For more information about the company and its services, visit www.globalpaymentsinc.com .
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, including the risk that implementation, adoption and offering of the service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes, particularly in China and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others. 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.
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