Planet
Payment, Inc. (OTCQX: PLPM, LSE: AIM: PPT and PPTR), a leading
international multi-currency payment and data processor, reports that
Visa, Inc. has announced an end to its moratorium on Dynamic Currency
Conversion (“DCC”) with immediate effect.
“We believe that this positive development will facilitate our sales and
marketing efforts and entry into new markets,” commented Philip
Beck, Chairman of Planet Payment, Inc. “Planet
Payment’s services help acquirers open new sales channels, merchants
sell more goods and services and cardholders enjoy informed choice and
transparency at the point-of-sale. We look forward to continuing the
growth of our business and revenues.”
As a result of this announcement, Planet
Payment’s acquirer customers are able to activate new accounts and
new merchant locations for DCC on both Visa and MasterCard in all
regions.
As discussed in previous Company
announcements, in April 2010 Visa issued new rules which limited the
addition of new DCC participants. The new rules also included additional
receipt disclosure requirements, as well as new registration and
certification programs. Visa yesterday ended the restriction on the
offering of DCC by new merchants and acquirers.
Visa also announced the immediate lifting of its long standing
restriction on DCC in Central and Eastern Europe, Middle East and Africa
(CEMEA). In Latin America, acquirers and merchants will be able to offer
the service effective 15 April 2011.
Planet
Payment’s Pay in Your Currency® DCC service provides
international Visa and MasterCard cardholders with the choice to pay in
their home currency at the point of sale. Planet Payment is now able to
offer Pay in Your Currency® on Visa transactions to new
acquirers in all regions around the world, building on its customer base
of more than 40 acquirers and processors in 16 countries stretching from
North America to the Middle East, South Africa and Asia Pacific.
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 the financial position, business
strategy, plans and objectives of management for future operations of
both Planet Payment and its business partners, 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. Implementation of some or all of the new services referred to
is subject to regulatory, or other third party approvals. 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 and
changes in card association regulations and practices; general economic
risk and volume of international travel and commerce and others.
Additional risks may arise with respect to commencing operations in new
countries and regions of which Planet Payment is not fully aware at this
time. See the Company’s Quarterly Reports, filed at www.otcqx.com
for other risk factors which investors should consider. 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.
About Planet Payment
®
:
Planet
Payment’s shares trade in the United States on the OTCQX under the
symbol PLPM and in the United Kingdom on AIM under the symbols PPT for
unrestricted Common shares and PPTR for Reg S Common shares.
Planet
Payment is a leading international payment and data processor,
providing banks and their merchants with innovative solutions to accept,
process and reconcile payments, anytime, anywhere and in any currency.
Our customer base of more than 40 acquiring banks and processors
stretches from North America, to the Middle East, to Asia Pacific,
including China, Hong Kong, Macau, Taiwan, Malaysia and India.
Planet Payment is headquartered in New York and has offices in Atlanta,
Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore.
Visit www.planetpayment.com
for more information on the Company and its services. For up-to-date
information follow Planet Payment on Twitter at @PlanetPayment
or join Planet
Payment’s page on Facebook.
Planet Payment, Inc.
Joel Mayer, SVP Product Management
516-670-3200
www.planetpayment.com
OR
HJMT
Communications, LLC (US PR for Planet Payment)
Hilary Topper /
Kristie Galvani / Lisa Gordon
516-997-1950
kristie@hjmt.com
OR
Redleaf
Communications Ltd (UK PR for Planet Payment)
Emma Kane /
Rebecca Sanders-Hewett / Henry Columbine
+44 20 7566 6700
planet@redleafpr.com
OR
Canaccord
Genuity Limited (UK)(Nomad for Planet Payment)
Mark
Williams and Andrew Chubb
+44 20 7050 6500
OR
Canaccord
Genuity, Inc. (US) (DAD for Planet Payment)
Andy Viles,
617-371-3900