LONG BEACH, N.Y. and BARUERI, Brazil, March 27, 2014 (GLOBE NEWSWIRE) -- CIELO S.A. (BOVESPA:CIEL3) (OTCQX:CIOXY), Latin America's leader in electronic payment solutions, and Planet Payment, Inc. (Nasdaq:PLPM) (LSE:PPT), a leading provider of international and multi-currency transaction services, today announced the official contract signing and launch of Planet Payment's Pay In Your Currency ® (PYC) solution. Cielo and Planet Payment will begin a full production rollout in the coming weeks and in advance of the upcoming world cup.
Pay In Your Currency provides Brazilian merchants a new way to cater to international tourists - by enabling international visitors using an eligible VISA ® or MasterCard ® to pay in the currency they know best – their own. PYC provides merchants catering to the international traveler with a new way to attract more customers by providing a more personalized service while improving the profitability of their business.
The PYC solution being launched by Cielo supports approximately 100 currencies, enabling a broad segment of international visitors to enjoy the convenience of the service. Pay In Your Currency is also designed to be simple for merchants to support – they continue to receive settlement and reporting in Brazilian Real (BRL) as they do today."It is increasingly important for our merchant customers to be able to differentiate themselves to the expected increase of international travelers to Brazil, especially considering the impending world cup," said Dilson Ribeiro, products and business development Vice-President at Cielo S.A. "Cielo has been able to maintain its status as the leading merchant service provider in Latin America by providing innovative product offerings that adapt to meet the needs of our merchants and their customers." "Planet Payment and Cielo have been hard at work behind the scenes preparing for this day," said Drew Soinski, managing director – Americas, at Planet Payment. "Cielo has the reputation of always putting their customers first – and offering PYC to their merchants is just another example of that philosophy. Partnering with an industry leader like Cielo is one thing – seeing the impact that PYC will have on its merchants is icing on the cake. This is an exciting time for tourism in Brazil, and we are happy to have a hand in helping Brazilian merchants prepare, and excel, in the months to come and most importantly making the international traveler feel at home and encouraging them to buy more goods and services."