Long Beach, NY, May 2, 2017 – HDFC Bank and Planet Payment, Inc. (NASDAQ:PLPM), a leading international and multi-currency payment processor, today announced an agreement for HDFC Bank to offer Pay in Your Currency®, Planet Payment’s Dynamic Currency Conversion (DCC) solution, to its portfolio of merchants in India.
Pay in Your Currency enables eligible international customers to pay in their local currency while transacting at HDFC Bank point-of-sale terminals. Customers will have the convenience to choose their payment preference – either in Indian Rupee or their local currency, thus creating a customized payment experience. The option will be available on the receipt. This solution will enable HDFC Bank to upgrade its DCC offering for customers.
This personalized payment solution by HDFC Bank is beneficial for foreign tourists visiting India. According to the India Ministry of Tourism, growth of foreign tourist arrivals for December 2016 increased 13.6 percent over the same period in 2015.1
“At HDFC Bank, enhancing customer convenience lies at the heart of all our new initiatives. We are excited to partner with Planet Payment to launch the dynamic currency conversion solution, which will complement our existing offerings,” said Mr. Parag Rao, Country Head – Card Payment Products and Merchant Acquiring Services, HDFC bank. “Our endeavor is to deliver best-in-class solutions and innovations to our merchants and enhance customer experience across various touch points. As tourism and business travel in India continues to grow, we believe the latest offering will enable our merchants to cater to this ever growing influx of international customers.”
“Planet Payment is thrilled to be expanding our business in India with HDFC Bank” said Carl Williams, CEO of Planet Payment. “We look forward to rolling out our solutions to their merchants throughout the region, and to widening our footprint in Asia.”
About Planet Payment
Planet Payment (NASDAQ:PLPM) is a leading provider of international payment and transaction processing and multi-currency processing services. Planet Payment provides services in 23 countries and territories across the Asia Pacific region, the Americas, the Middle East, Africa and Europe, primarily through our 70+ acquiring bank and processor customers. The Company’s point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with ATM services, are integrated within the payment card transaction flow enabling acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels.
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