Multiple currency services for Indian market

[img_assist|nid=7811|title=|desc=|link=none|align=left|width=100|height=75]Existing relationship between Global Payments and Planet Payment is to be expanded under the new agreement. Last year in November the parties signed contracts to introduce Pay in Your Currency in Malaysia and Taiwan. Later in March 2008 they concluded one more agreement for the provision of the service to HSBC merchants in Mainland China. Now the services are delivered in all three countries.

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.

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.

Now Pay in Your Currency Service is to be extended to India which is an ideal market on account of the strong growth experienced on the international travel. The World Travel and Tourism Council expects India to be the world's fastest growing tourist destination during the next 10 years, with predicted annual growth rates of 8.8%.

Philip Beck, Chairman and Chief Executive of Planet Payment: "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."