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Nourpay prepares for potential increase in Travel and Tourism spend in Saudi Arabia

Saudi Arabia, December 5, 2017

RIYADH, Saudi Arabia and LONG BEACH, N.Y., Dec. 04, 2017 (GLOBE NEWSWIRE) -- Nourpay, the digital and payment services member of Nour Communications Group, and Planet Payment, Inc. (NASDAQ:PLPM), a leading international and multi-currency payment processor, today announced a partnership agreement for the potential delivery of Pay in Your Currency®, Planet Payment’s Dynamic Currency Conversion (DCC) solution, via Bank and Merchant customers in Saudi Arabia.

Pay in Your Currency® offers international visitors the convenience of choosing to pay in Saudi Riyals or their local currency when they transact at enabled ATM’s, hotels, retail, restaurant or Duty Free outlets across the Kingdom. This service offers each customer a customized payment experience and, if adopted in the Kingdom, will support the achievement of certain National Transformation Program & Vision 2030 Objectives.

Operating in 135 different currencies, and compliant with all Visa/MasterCard regulations, Pay In Your Currency® was the first DCC solution launched in the EMEA region over six years ago. Offering consumer transparency and choice, Planet Payment’s suite of DCC solutions generate additional acquiring revenues for banks and reduce merchant processing costs, while maximizing cardholder confidence and visibility.

David Abbott, CEO of Nourpay, commented, “The potential revenue available to the Saudi Economy from DCC is substantial already, and with plans to grow tourism in the Kingdom, this value will increase dramatically. Nourpay is delighted to be able to work with Planet Payment in KSA as we believe only Planet has the tools needed to sensitively meet the special conditions that exist within the Kingdom. This platform implements quickly, works at point of sale, online and at ATMs, and is trusted by the largest banks and processors in the world. I am confident that we have a very strong proposition for consideration by Saudi Banks as and when SAMA approves these services for use in KSA,” he concluded.

“Planet Payment is pleased to expand our business in Saudi Arabia through our partnership with Nourpay,” said Jonathan Ellis, Managing Director, EMEA region, of Planet Payment. “We look forward to introducing our personalized payment solutions to the unique and special Saudi market. We believe our DCC solutions are an ideal match with the five-star travel experiences that the National Transformation Plan will offer global visitors to the Kingdom of Saudi Arabia.”

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