Multi-currency payment processor Planet Payment has released its third quarter results and announced a multi currency payment service in Brazil with local merchant acquirer Cielo.
Planet Payment reported a net revenue increase of approximately 3% to USD9.9m. Gross Forgeign Currency Mark-up was up 12% and total active merchant locations increased by 51% to approximately 38,000.
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Net losses increased from USD0.4m to USD4m, which the company attributed to deferred Initial Public Offering (IPO) costs of USD2.6m, a by product of its intention to become a NASDAQ listed company by the end of 2012.
The service in Brazil will attempt to exploit the Cielo’s portfolio of merchants to boost take up Planet Payment’s Pay in Your Currency and Shop in Your Currency services. These products give customers the option of paying in their home currency at the point-of-sale. The consumer is handed a receipt or pointed to an electronic terminal displaying the transaction amounts in Real and in their home currency along with a daily exchange rate and other service details. They can then choose which they would prefer to pay with.
The two businesses are preparing the service ahead of the expected influx of tourists visiting during the 2014 World Cup and 2016 Olympics in Rio de Janeiro.
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