MashreqBank, the UAE-based financial institution, has entered an agreement with Planet Payment, the international and multi-currency payment processor, to provide the latter’s Pay in Your Currency service to Mashreq’s portfolio of merchants in the UAE.

Via the Pay in Your Currency service, customers are able to pay in their home currency at the point-of-sale. The customers are handed a receipt, or pointed to an electronic terminal, which show the transaction amounts in the UAE Dirham and their home currency, together with the exchange rate and other service details. The customer then makes hi currency choice on the receipt or device.

Planet Payment enables processors, acquiring banks and their merchants in more than 15 countries 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 also has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, London, Hong Kong, Shanghai and Singapore.