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Planet Payment, Absa and CyberSource Collaborate to Deliver Multi-Currency Pricing Solution in South Africa

LONG BEACH, N.Y. and JOHANNESBURG, South Africa, Aug. 03, 2015 (GLOBE NEWSWIRE) -- Planet Payment, Inc. (NASDAQ:PLPM), a leading provider of international and multi-currency payment processing services, has teamed up with Absa, one of South Africa’s largest financial groups, and CyberSource, a global payment gateway and merchant provider, to implement Shop in Your Currency™, Planet Payment’s Multi-Currency Pricing Solution, in South Africa.

“This solution allows retailers to localise their e-commerce offering and simplify the shopping experience for international customers who view pricing and pay in their home currencies, while the merchant receives settlement in South African Rand as they do today,” says Issa Keshek, Regional Director, CEMEA, at Cybersource.

“It will furthermore allow international Customers to enjoy the convenience of shopping and paying in the currency they know best – their own,” adds Cowyk Fox, Managing Executive, Absa Card. “When we initially partnered with Planet Payment in 2010, Absa became the first local bank to implement Pay in Your Currency™, also known as Dynamic Currency Conversion, and we look forward to further expand this relationship as we launch it in South Africa. The introduction of Shop in Your Currency™ provides our customers with a powerful tool that will assist them to succeed in the new global marketplace and will allow merchants to implement their international e-Commerce strategies without overseas expansion.”

“We are delighted that Absa has chosen to include our Shop in Your Currency™ product in the bank’s suite of products for the South African market,” said Carl Williams, President and CEO at Planet Payment. “As global ecommerce sales continue to rise, we continue to believe that localized pricing is a key component to a merchant’s international e-commerce strategy.”

About Barclays Africa Group
Barclays Africa Group Limited is listed on the Johannesburg Stock Exchange and is one of Africa’s largest financial services groups. We are uniquely positioned as a fully global, fully regional and fully local bank. We offer personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance.

Barclays Africa is 62.3% owned by Barclays Bank PLC (Barclays). At 30 June 2015, we had 847,8 million shares in issue and a market capitalisation of R155,0 billion. We operate in 12 countries with more than 41 thousand permanent employees and we have 12 million customers.

Our registered head office is in Johannesburg, South Africa and we have majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Barclays Bank Tanzania and National Bank of Commerce), Uganda and Zambia. We also have representative offices in Namibia and Nigeria. Barclays Bank PLC has operations in Egypt and Zimbabwe which are an integral part of our African business and continue to be run by Barclays Africa operationally.

For further information about Barclays Africa, please visit our website www.barclaysafrica.com.

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.

Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information about the Company and its services. For up-to-date information follow Planet Payment on Twitter at @PlanetPayment or join Planet Payment's Facebook page.


Media Contacts Absa Contact: Liezl Squier Absa Media Relations Absa Marketing and Corporate Relations Tel: 011 846 7157 or on 082 375 3554 Email: liezl.squier@absa.co.za Planet Payment Contact: Jill Raftery Telephone: 516-670-3200 Email: jraftery@planetpayment.com www.planetpayment.com

Source:Planet Payment