Mashreq launches planet payment’s pay in your currency service in the UAE

Mashreq, one of the UAE’s leading financial institutions, and Planet Payment, a leading international and multi-currency payment processor, are pleased to announce the launch of Planet Payment’s Pay in Your Currency service to Mashreq’s portfolio of merchants in the United Arab Emirates. 

Pay in Your Currency is designed to deliver benefits to both Mashreq’s merchants and their customers. It provides Mashreq merchants with the ability to present their customers with a choice of paying for their purchase in their own currency or UAE Dirham at the point of sale. 

By providing customers with this currency choice, international visitors will now enjoy the convenience of seeing the final amount of their transaction in their home currency when checking out of a hotel or paying at a restaurant or shop. The solution allows international customers to make more informed buying decisions and simplifies expense reporting for business travelers.

Nimish Dwivedi, Head of Payments at Mashreq commented, “The United Arab Emirates remains a global destination for business and tourist travel. With Pay in Your Currency, we are able to offer our merchants an innovative way to attract and better serve their international clientele. At Mashreq, we have always looked at innovative methods to offer convenient financial solutions to all our stakeholders.” 

Pay in Your Currency offers merchants an innovative marketing and customer service tool to attract new international customers and build loyalty among existing clientele.  Additionally, Pay in Your Currency will extend greater clarity to international transactions, which can translate into fewer chargebacks and customer inquiries.

The United Arab Emirates, a centre for business and tourism with a high volume of international visitors, presents a ready market for the solution. According to The Global Destination Cities Index published by MasterCard, Dubai is currently ranked eighth in the world of top cities visited by international visitors, a 15.3% growth over 2011. Additionally, international visitors in Dubai are projected to spend US$8.8 billion in 2012, an increase of 18.5% over 2011. Abu Dhabi is ranked as the world’s fourth fastest growing destination city, with an estimated 17.9% growth in international travel for 2012 and an expected increase of 20.7% in spending.  Pay in Your Currency provides merchants in the UAE with an innovative way to cater to this influx of international visitors to their region.

“Planet Payment is dedicated to providing solutions that help improve merchants’ sales and efficiency,” said Jonathan Ellis, Managing Director EMEA of Planet Payment. “We look forward to the continued successful rollout of Pay in Your Currency for Mashreq’s merchants in the UAE.”