Planet Payment, a leading multi-currency payment and data processor, has joined hands with Network International, the largest card solutions provider in the region, to launch its novel 'Pay in Your Currency' service in the UAE.

The unique service will provide Network International merchants with the ability to present the end consumer with a choice of paying in the local currency, or completing the purchase in their own currency at the point of sale.

This service enables the merchant to improve client service, thereby aiding their volume growth whilst at the same time increasing their operating margins, the duo said.

The UAE, a centre for business and tourism with a high volume of international visitors, presents a ready market for the solution.

According to the World Travel & Tourism Council’s report on the economic impact of travel and tourism, visitor exports (essentially, expenditures by international visitors on goods and services within the resident economy), currently in the UAE at Dh83.5 billion ($22.7 billion) in 2009 will almost double to Dh162 billion by 2019.

In addition, statistics released by Dubai Airport show that passenger traffic grew 9.2 per cent in 2009 to 40.9 million and in December the number of passengers using the airport grew 14.5 per cent, with the number expected to grow over 13 per cent in 2010.

'Pay in Your Currency' provides merchants with an innovative way to cater to this growing market of international visitors. The parties anticipate launching the service in second quarter of 2010.

Abdulla Qassem, chairman of Network International, said: 'As the largest acquirer of international card transactions in the UAE and with many of our global merchant clients successfully offering similar services in other regions, the introduction of  a world class currency conversion product is one of Network International’s strategic objectives for 2010.'

'The UAE is a global destination for business and tourist travel and now with Pay in Your Currency, our merchants have an innovative way to better serve their international clientele,' Ram Chari, CEO of Network International noted.

'We look forward to being the first acquiring bank in the UAE to deploy Pay in Your Currency in partnership with Planet Payment, who we believe, offer Network International and our merchants a best-in-class product,' he remarked.

'Network has consistently strived to provide cutting edge technology in the area of card acceptance so that the merchants can enjoy the best available globally,' he added.

Philip Beck, chairman & CEO of Planet Payment, said, 'We are excited to enter the dynamic Middle Eastern market with a world class partner like Network International. The adoption of the Pay in Your Currency service has increased dramatically over recent years as more merchants around the world view the service as a powerful tool to improve sales, customer satisfaction, and net profits.'

'Now, through our agreement with Network International, merchants in the UAE can enjoy the same quality solution, with its emphasis on merchant ease-of-use and a positive customer experience,' he added.-TradeArabia News Service