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.