Planet Payment and Mashreq launch Pay in Your Currency service in the UAE

Source: Planet Payment

Planet Payment, a leading international and multi-currency payment processor, and MashreqBank PSC ("Mashreq"), one of the UAE's leading financial institutions, today announced an agreement to provide Planet Payment's Pay in Your Currency service to Mashreq's portfolio of merchants in the United Arab Emirates.

The parties launched the service in the second quarter of 2012.

Pay in Your Currency can offer significant value-added benefits to Mashreq's 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 handed a receipt, or pointed to an electronic terminal, which show the transaction amounts in the UAE Dirham and their home currency, together with the exchange rate and other service details. The customer then makes their currency choice on the receipt or device. With Pay in Your Currency, international travelers can enjoy a more comfortable shopping experience by knowing what they are paying in their home currency, while simultaneously providing the merchant with an opportunity to reduce the processing costs incurred on these transactions.

"Mashreq is focused on providing payment solutions that allow our merchant customers to operate their businesses more efficiently and profitably," said Nimish Dwivedi, Head of Payments at Mashreq. "We are excited to offer Planet Payment's Pay in Your Currency service which delivers positive benefits to our merchants and their international customers."

"The United Arab Emirates has established itself as a center of global commerce and, as such, the merchant community in the UAE requires tools to better serve their important international clientele," said Jonathan Ellis, Managing Director EMEA of Planet Payment. "Pay in Your Currency is designed to improve the shopping experience for foreign customers by allowing them to pay in the currency they are most comfortable with -- their own." 

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