10/3/2007

Bank of Communications to Offer Pay in Your Currency^TM Service in China

Planet Payment [LSE:AIM: PPTR and PPT], a leading international multi-currency payment and data processor, announced that Bank of Communications (BoCom), one of the largest banks in China, will be offering Planet Payment’s “Pay in Your Currency” service to BoCom’s customers in the People’s Republic of China. BoCom will initially launch the service in Shanghai in the fourth quarter of 2007 through its settlement bank, Hang Seng Bank Limited, a member of the HSBC Group and an existing acquirer customer of Planet Payment.

The “Pay in Your Currency” provides customers using Visa® or MasterCard® payment cards with a choice of currencies in which to complete their purchases. This allows international business and leisure travellers to see exactly how much they are paying in their home currency at the point of purchase, rather than having to wait until they return home to discover their transactions’ actual cost.

BoCom’s new service will not only provide enhanced customer service, but will also allow merchants to drive additional sales by attracting new customers and building loyalty among the merchants’ existing customer base. The ability to cater to international customers is important for merchants in China which is experiencing a surge of international travelers and international card usage. The Pacific Asia Travel Association estimates that the total number of international arrivals in China will grow an average of 5% per year through 2009, when China can expect a total of 146 million foreign visitors.

Commenting on the launch of the service with BoCom, Philip Beck, Chairman and Chief Executive of Planet Payment, said: “Planet Payment is delighted that Bank of Communications has chosen to rollout the ‘Pay in Your Currency’ service to its merchants in China. We believe that BoCom’s merchants will appreciate the customer service and revenue benefits of ‘Pay in Your Currency’ through our partner Hang Seng Bank.”

Enquiries to:

Planet Payment, Inc.
Thomas J. DeLuca, SVP Corporate Development Tel: +852 9303-0658
Joel Mayer, Director, Corporate Development Tel: + 1 (516) 670-3200
Redleaf Communications Ltd
Emma Kane / Paul Dulieu / Tom Newman Tel: +44 20 7822 0200
Fax: +44 20 7822 0201
ek@redleafpr.com

Canaccord Adams Ltd
Mark Williams/Clayton Bush Tel: +44 20 7050 6500
Fax: +44 20 7050 6501

About Planet Payment

Further information on Planet Payment [LSE: AIM: PPT and PPTR for unrestricted and Reg S common shares respectively] can be found at: www.planetpayment.com. This website is the one required to be maintained by the Company pursuant to AIM Rule 26 and the information required to be provided under Rule 26 is accessible by clicking on “Investors”.

Planet Payment is a multi-currency payment and data processor, enabling processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. Planet Payment’s systems also enable it to provide enhanced data reporting and data management and integrated payment solution support to merchants using multiple systems in different countries. The “Pay in Your Currency” is a component of Planet Payment’s suite of multi-currency processing solutions, which include a multi-currency pricing e-commerce service and a Dynamic Currency Conversion service. Planet Payment also recently launched BuyVoice™, a mobile payment and commerce solution, which allows merchants to accept payments and sell product to customers using any mobile or landline phone.

The Planet Payment business was established in 1999. Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Hong Kong, Shanghai, Singapore and the United Kingdom.

Forward-Looking Statements. Information contained in this announcement may include ‘forward-looking statements’. All statements other than statements of historical facts included herein, including, without limitation, those regarding Planet Payment’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Planet Payment’s business) are forward-looking statements. Such forward-looking statements are based on a number of assumptions regarding Planet Payment’s present and future business strategies and the environment in which Planet Payment expects to operate in future, which assumptions may or may not be fulfilled in practice. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors, including the risk that implementation, adoption and offering of the service by processors, acquirers, merchants and others may take longer than anticipated, or may not occur at all, regulatory changes, particularly in China and changes in card association regulations and practices; general economic risk and volume of international travel and commerce and others.. These forward-looking statements speak only as to the date of this announcement and cannot be relied upon as a guide to future performance. Planet Payment expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.