HSBC to introduce POS currency converter for China Olympics

HSBC to introduce POS currency converter for China Olympics

Payments processors Global Payments and Planet Payment are teaming up to introduce a point-of-sale currency converter service for HSBC merchants in China that will enable foreign visitors to the Beijing Olympics to see how much purchases will cost in their own currencies.

Global Payment says the Planet Payment Pay in Your Currency service will be available via HSBC's merchant customers.

"The service allows merchants to market and sell more effectively, while providing their customers with the information to make better and more informed buying decisions," says Philip Beck, chairman and chief executive, Planet Payment.

Through its local affiliate, Global Payments will provide consulting and technical services to HSBC to support the service, which it expects to launch before the 2008 Beijing Olympics. The vendors already have similar agreements in Malaysia and Taiwan.

HSBC transferred its credit card merchant acquiring businesses in 10 countries and territories in Asia to a new joint venture company formed with Global Payments in 2005. Under the agreement, Global Payments paid HSBC $67.2 million in cash for a 56% interest in the joint venture.

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