Boston, MA 10/08/2014 (wallstreetpr) – Planet Payment Inc (NASDAQ:PLPM) has joined hands with Payment Alliance International (PAI) in order to provide a dynamic currency conversion facility to users across 5000 ATMs. Payment Alliance International is a electronic payment processing company, while Planet Payment Inc (NASDAQ:PLPM) is a provider of international as well as multi currency payment processing services.
Convenience To International Travelers
The two have announced ATM Currency Exchange (ACE), which will be at disposal for users at 5000 ATMs nationwide. Through ACE, an international traveler will be able to withdraw in U.S. dollars from an ATM, even when his bank account is debited in his respective national currency. Thus, ACE intends to improve currency exchange experience for international travelers. Users will be able to understand the impact of conversion in terms of their own currency.
Revenue Stream
Other than extending ease-of-use to international travelers, the solution will also add as an income generating streams for both PAI and Planet Payment Inc (NASDAQ:PLPM). The currency conversion at ACE happens as a result of EMV readiness, which provides security to Market Partners as well. Since, transition to EMV implies cost for Market partners, the ACE program ensures that the same is covered through generation of new revenue. It is noteworthy that currently PAI has over 60,000 retail ATM centers and it plans to extend ACE program to each of these ATMs in the U.S. PAI has received positive response from the market partners, which justifies its innovative work in the field.
Meanwhile, Planet Payment Inc (NASDAQ:PLPM) Managing Director, Drew Soinski, has appreciated the way in which PAI has come to serve international cardholders. Soinski stated that the company would continue to support PAI in its endeavor. In this direction, it will attend PAI’s Market Partner Conference during December 4 to 7, 2014, to communicate the revenue opportunities and value creation that PAI’s ACE program offers.
