Processors Offer Currency Conversion Service in China
Global Payments and Planet Payment have signed an agreement to provide a "pay in your currency" service for HSBC's merchants in China. The service is expected to be launched in time for the 2008 Beijing Olympics.
The new service will enable foreign cardholders to have a payment transaction immediately converted to the currency of their choice. This gives cardholders the benefit of knowing exactly what a foreign transaction will cost them, Planet Payments says. New York-based Planet Payment is a multi-currency card processor with offices in London, Bermuda and Asia. U.S.-based Global Payments is an international payments processor. In 2006, HSBC set up a card acquiring joint venture in the Asia-Pacific region with Global Payments. The joint venture is now operational in 10 countries and territories across the region. In November 2007, Planet Payment signed an agreement with Global Payments to roll out ôpay in your currencyö services across Asia. The two firms have already launched services in Malaysia and Taiwan. In December 2006, Standard Chartered Bank agreed to use Planet Payments' processing system to handle credit card payments for retail and hospitality merchants in the Greater China region. Related Links
www.planetpayment.com
www.globalpaymentsinc.com
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