3/26/2007

Planet Payment Secures License in Mainland China Forms Chinese Company & Opens Offices in Shanghai and Beijing

Planet Payment [LSE: AIM: PPTR and PPT], a leading international multi-currency payment and data processor, announced today that it has significantly expanded its presence in the Greater China region by forming a locally incorporated Chinese company. The new subsidiary, Planet Payment IT Services (Shanghai) Ltd., (a Wholly Foreign Owned Enterprise (WFOE) has secured a license to operate in China. The company will provide technology consulting and managed services to Chinese companies involved in the credit card industry and will provide support to Chinese credit card acquirers in their activities with domestic Chinese merchants.

The demand for payment solutions that allow merchants to cater to international clientele is increasing significantly in China, which has experienced an accelerated growth of inbound foreign tourists. Statistics released by the China National Tourism Administration indicate that over 20 million foreigners visited China in 2005, an increase of 19.6% over 2004 numbers. This number is expected to increase dramatically in 2008 when China hosts the Olympics and is supported by a number of multi-national hoteliers and luxury retailers announcing rapid expansion plans for the region.

The Shanghai office, located in Pudong adjacent to the new financial district of Shanghai, will allow Planet Payment to support the growing demand for data processing and management solutions on the part of acquiring banks and merchants in China. The final formalities in connection with the organization of the WFOE are expected to be completed in April. Planet Payment has also opened a Representative Office in Beijing.

Commenting on this significant event, Philip Beck, Chief Executive Officer of Planet Payment, said:

“The formation of our Chinese company and the opening of our offices in Shanghai and Beijing will enable Planet Payment to provide its Chinese customers with best-in-class service and support and enable us to participate more actively in this expanding market.”