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Such reach is great for customers because it gives them more choice about how to pay. They get more information about the cost of the purchase in their own currency and the single terminal makes the transaction quicker. In addition, while most banks offer conversion for some 30 different currencies, Planet offers real-time, best-rate conversion for more than 130. Currency conversion also provides an additional revenue stream for merchants.
According to Casado, MWM switched from a rival retail payment provider to Planet late last year because “we wanted to be more effective for our international clients and provide a better experience. Planet was chosen because of its fast, effective and digital solution. It offered more than a VAT Refunding service, including services and assistance with payments, consulting and intelligence.”
She adds that implementation was easy and effective – and was “greatly aided by our dedicated key account manager, who supported the on-site team during the process”.
The retailer believes that by offering more convenient ways to pay and making VAT Refunds automatic, it will be able to lift footfall and increase sales conversion rates. In addition, few retailers in Spain accept Chinese wallet payments. This makes MWM stand out and will give it a significant competitive advantage when Chinese tourists return to Europe. Stickers on the windows promote both the VAT Refunding facility and that MWM accepts Chinese wallets.
But MWM’s eyes aren’t just on Europe. Given that historically many of its customers in Spain have been from Asia, its expansion strategy includes setting up shop in the region. Planet’s ability to accept Chinese wallets and its reach across 130 currencies made it the perfect partner. With Alipay alone having more than 640 million active users in December 2021, being able to capture their spending power is vital.
“We have plans to use Planet’s services and digital platforms to grow as a business and feel strongly that this is only the beginning of a collaborative work relationship that could lead to further expansion and innovation,” says Casado.