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Planet Payment Shares Up On Strategic Partnership For Cash Machines

Shares in payment processing pioneer Planet Payment(LON:PPT, OTCQX:PLPM) rose today after it revealed a strategic partnership with a leading US ATM deployer in the US.

The tie-up concerns the firm's 'Bank in Your Currency' system for cash machines and is with Payment Alliance International (NYSE:PAI).

PAI currently manages more than 60,000 retail ATM locations in the US and will make the 'Bank in Your Currency' solution available to any of its market partners processing ATM transactions on its network.

The Planet Payment system allows international cardholders to instantly manage the conversion of what is dispensed - into the US dollar.

This so-called dynamic currency conversion (DCC) means users can see the final withdrawal amount in their home currency, rather than waiting until their bank or issuer performs the conversion.

"PAI has a great reputation as an innovator in this industry andPlanet Payment is eager to bring Bank in Your Currency to their nationwide fleet of ATMs and those of their partners," said Philip Beck, chairman and chief executive officer ofPlanet Payment.

"We believe this value-added service will be beneficial for PAI, their partners and their customers."

Planet Payment shares in London were lifted 0.55% on the news to 183.50p.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.