FIRST TO LAUNCH DYNAMIC CURRENCY CONVERSION IN KENYA
Long Beach, NY and Nairobi, Kenya –September 28, 2015 – Kenya Commercial Bank (KCB), Eastern Africa’s oldest and largest commercial bank, and Planet Payment, Inc. (NASDAQ:PLPM), a leading provider of international and multi-currency transaction services, today announced an agreement to launch Pay In Your Currency® (PYC), Planet Payment’s dynamic currency conversion solution. This will mark the first launch of dynamic currency conversion in the region.
Pay In Your Currency provides Kenyan merchants with a new way to cater to international tourists – by enabling international visitors using an eligible VISA® or MasterCard® to pay in the currency they know best – their own. Boasting safari trails and palm tree lined beaches, tourism is a vital part of Kenya’s economy. With PYC, merchants catering to international travelers have a new way to attract customers, by offering a more personalized service while improving the profitability of their business. The solution supports approximately 100 currencies and is simple to support, with merchants continuing to receive settlement and reporting in Kenyan Shilling, as they do today.
According to KCB Director of Retail Anastacia Kimtai, the Bank continues to embrace innovations that match local know-how with a global thinking, hence easing the consumer journey. The effort streamlines KCB’s portfolio of merchants in e-payments and collections.
“We pride ourselves on offering customer-centric payment solutions that both merchants and their customers will appreciate and value. We look forward to this exciting phase as we provide traders with the best tailored solutions that will improve their business productivity,” she added.
“Planet Payment is thrilled to be expanding our global reach by launching Pay in Your Currency in Kenya with Kenya Commercial Bank, one of the oldest and most respected banks in the region,” said Jonathan Ellis, Managing Director, EMEA, at Planet Payment. “We are excited to be the first to bring this innovative solution to Kenya, helping merchants attract more customers and making the international traveler feel at home.”
About KCB Bank Group
KCB Bank Group is East Africa’s largest commercial Bank that was established in 1896 in Kenya. Over the years, the Bank has grown and spread its wings into Tanzania, South Sudan, Uganda, Rwanda and Burundi, completing the East African circuit in the year 2012. Today KCB Bank Group has the largest branch network in the region with over 250 branches, 962 ATMs and 11,000 agents offering banking services on a 24/7 basis in East Africa.
KCB e-payment system is poised to ensure that revenues are monitored efficiently. It also increases the velocity of money and by that increase, the multiplier effect, hence enhancing higher growth rates in businesses. The system seeks to boost Kenyan confidence in electronic transactions, e-commerce and online banking in the country.
KCB EMV cards allow users to conduct transactions such as paying charges, fueling, footing hotel bills and making online payments.
About Planet Payment
Planet Payment is a leading provider of international payment and transaction processing and multi-currency processing services. We provide our services in 23 countries and territories across the Asia Pacific region, North and South America, the Middle East, Africa and Europe, primarily through our more than 60 acquiring bank and processor customers. Our point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with our ATM services, are integrated within the payment card transaction flow, enabling our acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore. Visit www.planetpayment.com for more information about the Company and its services.
Kenya Commercial Bank
Contact: Judith Sidi- Odhiambo
Contact: Jill Raftery