Global Payments (NYSE:GPN), a leading provider of electronic transaction processing services has entered into an agreement with Planet Payment (LSE:PPT) (LSE:PPTR), a leading international multi-currency payment and data processor, to provide Planet Payment's Pay in Your Currency(TM)service to Global Payments' merchants in the Asia-Pacific region. The service will initially be offered in Malaysia and Taiwan and is anticipated to be launched prior to the end of 2007, subject to regulatory approvals in Taiwan. The service gives the consumer the opportunity to have the payment transaction converted to their selected currency, providing the benefit of immediately knowing the payment amount.
Through its joint venture with HSBC, Global Payments has established a leading position in the Asia-Pacific region where it now operates in ten countries and territories. Commenting on the agreements, Global Payments' President, Worldwide Payment Processing, Carl Williams, said, "Global Payments is focused on providing cutting-edge processing solutions to our merchants to benefit their customer's payment experience. We view the addition of Planet Payment's Pay in Your Currency solution to our product set as another example of our commitment to product excellence. Our decision to utilize Planet Payment's service is based on the quality and depth of their product offering, and we look forward to working with their team in the Asia-Pacific region."
Commenting on the relationship with Global Payments, Chairman and Chief Executive of Planet Payment, Philip Beck, said, "We are pleased to be working with Global Payments to introduce our Pay in Your Currency service to Global Payments' Asia Pacific merchant portfolio. 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. This agreement is another example of the growing market adoption for this service, as both merchants and cardholders alike gain awareness of its benefits."
About Planet Payment
Further information on Planet Payment (LSE: AIM: PPT and PPTR for unrestricted and Reg S common shares respectively) can be found at: www.planetpayment.com.
Planet Payment is a multi-currency payment and data processor, enabling processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. Planet Payment's systems also enable it to provide enhanced data reporting and data management and integrated payment solution support to merchants using multiple systems in different countries. The "Pay in Your Currency" service is a component of Planet Payment's suite of multi-currency processing solutions, which include a multi-currency pricing e-commerce service and a Dynamic Currency Conversion service. Planet Payment also recently launched BuyVoice(TM), a mobile payment and commerce solution, which allows merchants to accept payments and sell product to customers using any mobile or landline phone.
The Planet Payment business was established in 1999. Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Hong Kong, Shanghai, Singapore and the United Kingdom.
About Global Payments
Global Payments Inc. (NYSE:GPN) is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America, Europe and the Asia-Pacific region. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco, and the Philippines. For more information about the company and its services, visit www.globalpaymentsinc.com .
Forward-Looking Statements. Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding Planet Payment's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Planet Payment's business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment's present and future business strategies and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes, particularly in China and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
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