Planet Payment, Inc. [LSE: AIM: PPT and PPTR; OTCQX: PLPM], a leading multi-currency payment and data processor and Network International, LLC (“NI”), the largest acquirer and the preferred card solutions provider in the region, recently announced an agreement to provide Planet Payment’s Pay in Your Currency™ service to merchants in the United Arab Emirates.
The Pay in Your Currency service will provide Network International merchants with the ability to present the end consumer with a choice of paying in the local currency, or completing the purchase in their own currency at the point of sale. This service enables the merchant to improve client service, thereby aiding their volume growth whilst at the same time increasing their operating margins.
The United Arab Emirates, a centre for business and tourism with a high volume of international visitors, presents a ready market for the solution. According to the World Travel & Tourism Council’s report on the economic impact of travel and tourism, visitor exports (essentially, expenditures by international visitors on goods and services within the resident economy), currently at AED 83.5 billion dirhams (2009) in the UAE, will almost double to AED 162 billion by 2019. In addition, statistics released by Dubai Airport show that passenger traffic grew 9.2% in 2009 to 40.9 million and in December the number of passengers using the airport grew 14.5%, with the number expected to grow over 13% in 2010. Pay in Your Currency provides merchants with an innovative way to cater to this growing market of international visitors. The parties anticipate launching the service in Q2 2010.
Commenting on the Agreement, Abdulla Qassem, Chairman of Network International, said:
“As the largest acquirer of international card transactions in the UAE and with many of our global merchant clients successfully offering similar services in other regions, the introduction of a world class currency conversion product is one of Network International’s strategic objectives for 2010.
“The UAE is a global destination for business and tourist travel and now with Pay in Your Currency, our merchants have an innovative way to better serve their international clientele. We look forward to being the first acquiring bank in the UAE to deploy Pay in Your Currency in partnership with Planet Payment, who we believe, offer Network International and our merchants a best-in-class product.”
Ram Chari, CEO of Network International said:
“Network has consistently strived to provide cutting edge technology in the area of card acceptance so that the merchants can enjoy the best available globally. By introducing Dynamic Currency Conversion, Network will enable the merchants to enhance their services by letting their customers pay in their home currencies using their credit cards. Considering that U.A.E. is frequented by a large number of satisfied tourists every year, paying in their own currency will further enhance their comfort level when shopping in U.A.E. “
Philip Beck, Chairman & CEO of Planet Payment, added:
“We are excited to enter the dynamic Middle Eastern market with a world class partner like Network International. The adoption of the Pay in Your Currency service has increased dramatically over recent years as more merchants around the world view the service as a powerful tool to improve sales, customer satisfaction, and net profits. Now, through our agreement with Network International, merchants in the UAE can enjoy the same quality solution, with its emphasis on merchant ease-of-use and a positive customer experience.”
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 the financial position, business strategy, plans and objectives of management for future operations of both Planet Payment and its business partners, 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. Implementation of the some or all of the new services is subject to regulatory, or other third party approvals. 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, and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others. Additional risks may arise with respect to commencing operations in a new country and region of which Planet Payment is not fully aware at this time. See the Company’s Quarterly Report for prior periods, filed at www.otcqx.com for other risk factors which investors should consider. 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.
