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LONG BEACH, N.Y., Nov. 11, 2013 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international and multi-currency payment processing services, and TutorOut, an online education service provider, today announced that TutorOut is now accepting UnionPay cards on its website through Planet Payment's UnionPay Online Payments (UPOP) solution.
Planet Payment's UPOP solution enables eCommerce merchants in the United States and Canada to participate in UnionPay's program to authenticate and process UnionPay cards online. UnionPay is one of the largest card brands in the world, with over 3.5 billion cards issued worldwide. The Chinese market is growing increasingly important to online merchants, as China is expected to surpass the US with the largest share of worldwide B2C ecommerce spending by 2016.
TutorOut, a US merchant, provides Ivy League tutors as well as a unique curriculum to Chinese students who are looking to either study abroad or improve their English skills. As China is its primary market, TutorOut needed a solution that would enable it to accept UnionPay debit cards online and charge their customers in Chinese Yuan (RMB), while still receiving payment in US Dollars (USD).
"Our target market is China, so being able to accept UnionPay cards online was crucial to our business," said Erik Yao, CEO at TutorOut. "Planet Payment's UPOP solution has allowed us to more effectively sell to our Chinese customers, by enabling us to accept their most popular card brand and charge them in their own currency, while still receiving payment in USD."
"We are happy to be able to provide TutorOut the tools it needs to more effectively target its Chinese customers," said Philip Beck, CEO at Planet Payment. "We believe it is an important tool for merchants looking to sell to the increasingly significant Chinese eCommerce market."