Planet Payment and Mashreq Announce Contract Extension - DCC at POS & ATMs in the UAE

LONG BEACH, N.Y. and DUBAI, United Arab Emirates, Nov. 21, 2016 (GLOBE NEWSWIRE) -- 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 Mashreq
Mashreq 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 Payment
Planet 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.

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