Planet Payment to launch ‘Pay In Your Currency Service’ in UAE

Planet Payment (AIM: PPT & PPTR; OTC: PLPM) has reached an agreement with Middle-Eastern card services group Network International (NI) to provide its ‘Pay in Your Currency’ service to NI’s merchant clients in the United Arab Emirates.The service enables merchants to give consumers the choice of paying in the local currency or that of their own country.

"We are excited to enter the dynamic Middle Eastern market with a world class partner like Network International”, said Planet Payment chairman and  CEO Philip Beck, “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.”

According Planet Payment, a report by the World Travel & Tourism Council estimates that expenditures by international visitors on goods and services in the UAE will nearly double from AED83.5 billion in 2009 to AED162 billion by 2019. "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”, Network International, Abdulla Qassem said.

The companies believe that the product will enable merchants to improve service, aid volume growth and increase operating margins. The Pay in Your Currency service is expected to launch in the UAE during the second half of 2010.

In a trading update last week, Planet Payment said it expects a 30% increase in revenue for the full year to over US$47 million for 2009.

The company said that the revenue growth was led by new merchant deployments, with new processors and banking customers in the United States, Greater China, India, Malaysia, and Taiwan. Revenues from Planet Payment’s core multi-currency processing increased by more than 40%, to over US$33 million. The payment and data processing specialists also estimated that it has achieved positive adjusted earnings in Q4, representing a third consecutive positive quarter. Planet payment expects to report positive adjusted earnings for the full year.  http://www.proactiveinvestors.co.uk/companies/news/12713/planet-payment-to-launch-pay-in-your-currency-service-in-uae--12713.html