Tuesday, December 03, 2019
International payments service and technology provider Planet has partnered with digital commerce providers Network International to roll-out dynamic currency conversion (DCC) functionality at over 1,000 ATMs across the United Arab Emirates (UAE).
Visitors to the UAE will now have the option of withdrawing cash displayed in their home currency, with over 130 currencies currently available through the service. The service will initially be available to visitors using Visa-issued cards, which currently account for 65% of the card issuing market.
The service, which provides clarity and simplicity to international visitors who may be unfamiliar with local currency, will be powered by Planet’s Pay In Your Currency solution, integrated by digital commerce providers Network International.
Pay In Your Currency enables international shoppers to see the exact amount of their purchase in their home currency at time-of-sale and on their statement, providing the certainty of knowing the final cost in the currency they understand best – their own.
The launch follows a 10-day pilot phase, which saw levels of consumer uptake outperforming the market average by over 10%, despite the pilot occurring during the UAE’s tourism low season.
The announcement marks Planet’s continued expansion into the MEA region. The roll-out follows the signing of two deals in the last 18 months, which saw the company become the exclusive provider of Tax Free shopping solutions in the UAE and Bahrain, catering to the 20 million tourists visiting these nations each year.
Simon Marsden, Managing Director, EMEA, Planet said: “We are pleased to partner with Network International to be the first in the UAE to provide a best-in-class Currency Conversion at ATM solution. We are looking forward to rolling out to over a thousand ATMs alongside Network International’s vast experience and knowledge in the MEA region. This launch is a case in point of the rapid adoption of sophisticated payments infrastructure across the UAE, providing market-leading products and services to businesses and consumers in the region.”
Samer Soliman, Managing Director – Middle East, Network International, said: “As the region’s leading enabler of digital commerce, we are pleased to offer seamless and transparent currency conversion to our clients with coverage of over 130 currencies. This initiative will add value to our clients, and we look forward to future collaborations that support our commitment to enhance the UAE’s banking and payment ecosystems.”