Continuing its push to make it easier for consumers to make payments in their own country's currency while traveling, Planet Payment, Inc. has extended its Pay in Your Currency service with an additional agreement for merchants in the United Arab Emirates.
New York-based Planet Payment began offering the service to MashreqBank PSC's portfolio of merchants during the second quarter of 2012, the multi-currency payment processor announced Aug. 6.
With Pay in Your Currency, customers of participating merchants get the option to pay with their home currency at the point of sale. Merchants show on a receipt or a terminal screen the transaction amounts in the Emirates’ dirham currency and the customer's home currency. In addition, the receipt shows the current exchange rate and other details, Planet Payment stated in a press release.
Merchants can benefit by reducing processing costs normally associated with international transactions, the company says.
"The United Arab Emirates has established itself as a center of global commerce and, as such, the merchant community in the UAE requires tools to better serve their important international clientele," Jonathan Ellis, a managing director at Planet Payment, stated in the release.
Planet Payment added its currency service through Citibank Hong Kong in the
Earlier this year, Citi Philippines, a unit of Citigroup Inc., entered an agreement with Planet Payment to offer Pay In Your Currency to
