HONG KONG and LONG BEACH, N.Y., June 18, 2012 (GLOBE NEWSWIRE) -- Citibank (Hong Kong) Limited (hereafter referred to "Citibank"), a leading global bank, and Planet Payment, Inc. (LSE:PPT) (LSE:PPTR) (OTCQX:PLPM), a leading international and multi-currency payment processor, today announced an agreement to provide Planet Payment's Pay in Your Currency service to Citibank's portfolio of merchants in Hong Kong and Macau.
Pay in Your Currency® can offer significant value-added benefits to Citibank merchants and their customers. With Pay in Your Currency, eligible customers are offered the convenience of paying in their home currency at the point-of-sale. The customers are presented with a receipt or a terminal device which displays the transaction amounts in the merchant's local currency (either Hong Kong Dollars or Macau Pataca) and their home currency, together with the exchange rate and other service details. The customers then make their currency choice on the receipt or device. With Pay in Your Currency, international travelers can enjoy a more comfortable shopping experience by knowing how much the payment is in their home currency at the point of sale.
Merchants are able to take advantage of the Citibank and Planet Payment solution with ease and convenience through their standard Citibank merchant account. Merchants continue to receive all funding directly from Citibank in Hong Kong Dollars or Macau Pataca with the same funding schedule as their domestic transaction activity, avoiding any potential complications or funding delays.
Ms. Maggie Ng, Director of Cards and Unsecured Lending, Citibank Global Consumer Group, Hong Kong, said "We are very excited to partner with Planet Payment in providing superior products and solutions to both cardholders and merchants. The Pay in Your Currency offers international travelers a peace of mind when they spend at Citibank's acquiring merchants in Hong Kong and Macau, by offering them the flexibility to pay in their own currency at the point-of-sale or merchant's local currency."
"The adoption of Planet Payment's multi-currency processing services has increased significantly over recent years as more merchants around the world view our services as powerful tools to help improve sales and customer satisfaction," said Raymond Chuan Fong Tang, Planet Payment's General Manager for Greater China. "We are excited to continue to expand the offering of Pay in Your Currency in Hong Kong and Macau through our new partnership with Citibank."
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Planet Payment
Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in 18 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our more than 45 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and are integrated within the payment card transaction flow enabling our acquiring customers to process and reconcile payment transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information on the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment's page on Facebook.