Source: Planet Payment
Banco Nacional Ultramarino, a leading commercial bank in Macao, and Planet Payment (LSE:AIM: PPTR and PPT), a leading international multi-currency payment and data processor, today announced an agreement to provide innovative processing solutions to meet the needs of the dynamic Macao market.
The solution will include Planet Payment's Pay in Your Currency service, which provides international customers with the convenience of paying for purchases in their home currency, and support of integrated payment functionality through sophisticated point-of-sale applications.
The services are particularly focused upon the needs of the international gaming and entertainment businesses which are increasingly investing in the Macau market. Many of these merchants use sophisticated property management systems and point-of-sale systems to run the day-to-day operation of their businesses. Through the solutions announced today, merchants can integrate the credit card payment functionality directly into business management systems. This integrated functionality can increase the hotel's operational efficiency by capturing all of the property's transaction data from various points-of-sale through one interface, providing greater visibility into the property's financial performance.
Macao is now the number one gaming destination in the world, overtaking Las Vegas in 2005, with the city attracting over 22 million visitors in 2006 alone. A large number of hotels, restaurants and retailers have opened on the island to accommodate this booming travel sector.
The Pay in Your Currency service provides customers using Visa or MasterCard payment cards denominated in most major currencies with a real-time choice of currencies in which to complete their purchases. Tourists and business travellers will enjoy the comfort of knowing how much they are paying in their home currency, and they no longer need to wait until they return home to discover what their transactions actually cost in their home currency. The service provides merchants with a powerful marketing tool that can be used to attract more customers and drive sales by providing superior customer service and a more personalized shopping experience.
"The tourism industry is extremely important to Macao, and a large number of large hotels, restaurants and retailers have opened recently to accommodate the ever-increasing levels of visitors," said Dr. Herculano Sousa, Chief Executive Officer of BNU. "Now, through this agreement with Planet Payment, we will be able to offer additional services to our merchants and help them manage their business more efficiently and effectively. In particular, our international customers are provided with a comprehensive set of superior services and products that will meet their sophisticated technical and operational requirements."
"Macao presents an ideal market for Planet Payment," said Philip Beck, Chief Executive Officer of Planet Payment. "Merchants in Macao require sophisticated payment solutions that compliment their complex property and business management systems, and which allow for the effective management of transaction data. We look forward to working with BNU to develop solutions that can help improve operational efficiency, and which allow merchants to attract and cater to the growing number of international visitors to Macao."