UAE-based banking group Mashreq has extended its contract with Planet Payment, a provider of international and multi-currency payment processing services, through 2021.

The extended contract includes Pay in Your Currency, Planet Payment’s Dynamic Currency Conversion (DCC) solution, and DCC at point-of-sale (POS) and ATMs, which is now live on the bank’s ATM network.

Planet Payment said that DCC at ATMs solution enables international travellers to withdraw UAE Dirham from an ATM while seeing the amount debited from their accounts in the currency they know best – their own. It will also allow Mashreq customers to pay in the currency they know best at POS.

Mashreq currently offers conversion for 84 currencies in ATMs, and 129 currencies for retail, restaurant and hospitality merchants.

Mashreq head of payments Pankaj Kundra said: “We are pleased to be extending our contract with Planet Payment. As Dubai continues to maintain its position as one of the top travel destinations in the world, the multi-currency solutions Planet Payment offers are an invaluable asset to offer our merchants doing business in this region.”

Planet Payment managing director for Europe, the Middle East and Africa Jonathan Ellis said: “Planet Payment has enjoyed a positive relationship with Mashreq, and we are thrilled to be extending our contract through 2021.

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“We are excited to expand our product offering in the region as well. Shifting currency conversion to the ATM creates additional revenue opportunities on both new and existing ATM transactions for Mashreq.  We look forward to our continued work with Mashreq, providing innovative solutions to the UAE that make the payment experience easier for international travelers.”