Planet Payment and Mashreq Announce Contract Extension - DCC at POS & ATMs in the UAE
November 21 2016 - 4:30PM
Planet Payment, Inc. (NASDAQ:PLPM), a leading provider of
international and multi-currency payment processing and transaction
services, and Mashreq, one of the UAE’s leading financial
institutions, announced the extension of their contract through
2021. Planet Payment and Mashreq have been partners since 2012. The
contract includes Pay in Your Currency®, Planet Payment’s Dynamic
Currency Conversion solution, as well as DCC at POS & ATMs,
which is now live on Mashreq’s ATM network.
Planet Payment’s DCC at ATMs solution enables
international travelers to withdraw UAE Dirham from an ATM while
seeing the amount debited from their account in the currency they
know best – their own.
According to the MasterCard 2016 Global
Destination Cities Index, Dubai was ranked the fourth most visited
global city, as its popularity as an international leisure and
business destination continues to rise.1 The influx of
international cardholders in the UAE will now have the ability to
instantly view, select and better understand the conversion to
their home currency of the Dirham amount dispensed at participating
ATMs. Mashreq is currently offering conversion for 84 currencies on
their ATMs, with more being added in the coming weeks.
Pay in Your Currency provides eligible Mashreq
customers with the choice to pay in the currency they know best –
their own, at the point of sale, while the merchant continues to
receive payment in Dirham. This solution is available in 129
currencies for retail, restaurant and hospitality merchants looking
to provide a more personalized payment experience to international
customers.
“We are pleased to be extending our contract
with Planet Payment,” said Pankaj Kundra, Head of Payments at
Mashreq. “As Dubai continues to maintain its position as one of the
top travel destinations in the world, the multi-currency solutions
Planet Payment offers are an invaluable asset to offer our
merchants doing business in this region.”
“Planet Payment has enjoyed a positive
relationship with Mashreq, and we are thrilled to be extending our
contract through 2021,” said Jonathan Ellis, Managing Director –
EMEA, at Planet Payment. “We are excited to expand our
product offering in the region as well. Shifting currency
conversion to the ATM creates additional revenue opportunities on
both new and existing ATM transactions for Mashreq. We look
forward to our continued work with Mashreq, providing innovative
solutions to the UAE that make the payment experience easier for
international travelers.”
About
MashreqMashreq is the oldest bank in the UAE with
an extensive branch network across the Emirates. Mashreq is also
present in 11 countries outside UAE with 21 overseas branches and
offices spread across Europe, USA, Asia and Africa providing a
comprehensive range of international financial services.
Established in 1967, Mashreq has established itself as a market
leader by delivering award-winning customer experiences and
innovative thinking across its financial products and services.
Mashreq’s various banking divisions cater to its own unique
specialisms and expertise and include: Corporate Banking, Retail
Banking, International Banking, and Innovative Treasury Services.
The bank also allows for customers to experience Sharia’h Compliant
financial banking solutions. As a leading financial institution,
Mashreq is committed to supporting every community it serves. In
the UAE, the bank pays particular attention to recruiting,
training, and developing UAE National employees. Mashreq is
the only financial institution in the UAE to have been awarded the
CSR Label by Dubai Chamber for five years in a row.
About Planet PaymentPlanet
Payment (NASDAQ:PLPM) is a leading provider of international
payment and transaction processing and multi-currency processing
services. Planet Payment provides services in 23 countries and
territories across the Asia Pacific region, the Americas, the
Middle East, Africa and Europe, primarily through our 70+ acquiring
bank and processor customers. The Company's point-of-sale and
e-commerce services help merchants sell more goods and services to
consumers, and together with ATM services, are integrated within
the payment card transaction flow enabling acquiring customers,
their merchants and consumers to shop, pay, transact and reconcile
payment transactions in multiple currencies, geographies and
channels.
1. http://newsroom.mastercard.com/wp-content/uploads/2015/06/MasterCard-GDCI-2015-Final-Report1.pdf
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Media
Contacts |
Mashreq: |
Huda Ismail |
Public Relations,
Mashreq |
Tel: 04 –6083629 |
Email:
HudaI@mashreq.com |
|
|
Planet
Payment: |
Contact: Jill
Raftery |
Telephone:
516-670-3200 |
email:
JRaftery@PlanetPayment.com |
www.PlanetPayment.com |
|
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