Redeban and Planet Payment Sign Agreement for Pay in Your Currency® Service in Colombia

BOGOTA, Colombia and LONG BEACH, N.Y., July 13, 2016 (GLOBE NEWSWIRE) -- RBM Redeban Multicolor, Colombia's leading electronic payment processing company, and Planet Payment, Inc. PLPM, a leading provider of international and multi-currency payment processing services, today announced an agreement to deliver Pay in Your Currency^®, Planet Payment's Dynamic Currency Conversion (DCC) service, to Redeban's merchant portfolio in Colombia. 

Pay in Your Currency provides eligible international customers with the choice to pay in their local currency. Customers will be given the convenience of selecting on their receipt whether they prefer to pay in Colombian Pesos or the currency they know best – their own, while the merchant continues to receive settlement in Pesos. The solution is currently in pilot and is expected to launch in the Third Quarter 2016.

This personalized payment solution is well suited for the increase of foreign tourism in the region. According to the Colombian trade ministry, the number of foreign visitors to Colombia grew 12.1% in 2014, with more than 2.5 million foreigners visiting the country. This growth rate represented a significant increase from the previous year of 6.1%.¹

"Our partnership with Planet Payment will enable Redeban to enhance its current merchant and bank processing services offering in Colombia with innovative new solutions," said Andres Duque, President of Redeban Multicolor. "While tourism in Colombia continues to grow, we work every day to consolidate our purpose of being the trusted ally of the merchants in the country."

"We are excited to be working with Redeban to bring our best-in-class multi-currency services and solutions to Colombia," said Seth Asofsky, SVP, Sales Operations, Americas at Planet Payment. "Our goal is to provide solutions that will help Redeban merchants provide superior customer service, while creating a new revenue stream for their merchants and bank acquirers."

ABOUT REDEBAN

Redeban Multicolor is a Colombian corporation, facilitating and simplifying methods of electronic payments, transactions and digital information in both financial and non-financial areas. Redeban Multicolor has more than 350,000 affiliated merchants and more than 120,000 Point of sales for electronic payment acceptance. The company has been a pioneer in the launch of mobile payment solutions.

ABOUT PLANET PAYMENT

Planet Payment is a leading provider of international payment processing and multi-currency processing services. We provide our services in 22 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through our 75 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services are integrated within the payment card transaction flow enabling our 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.

1. http://www.mincit.gov.co/publicaciones.php?id=32586