Planet Payment and Daewoo Sign Exclusive Agreement
15 March 2000
Planet Payment and Daewoo Sign Exclusive Agreement to Provide Worldwide Multi-Currency e-Commerce Payment Solutions for Korean Merchants
Korea's Projected e-Commerce Revenues will Top $1Billion by Year-End 2000
NEW YORK - Planet Payment and Korea's largest trading company, Daewoo today
announced an exclusive agreement to offer one-stop e-commerce payment
solutions and services to Korea's robust global-focused business sector.
Daewoo will now be the exclusive company to offer Planet Payment's
e-commerce solutions to businesses in Korea looking to conduct activity on a
worldwide basis. Through this arrangement Korean merchants will go online to
set up their e-business websites and accept online multi-currency credit card
payments in real-time through Planet Payment's multi-currency gateway.
According to eMarketer, an international research firm, 1999 e-commerce
revenues in Korea reached $352 million, a 300% increase from $88 million in
1998. This dramatic rise in revenue figures was due in part to large
marketing campaigns and an overwhelming acceptance of online business by the
Korean public. By year-end 2000, e-commerce in Korea will surpass $1 billion.
According to a survey conducted by the Korea Information Culture Center,
87% of Korean internet users have visited internet shopping malls, and 52% of
those people have made purchases online. This figure is very high, especially
when compared to that of the United States, where 58% of those who shopped
online made a purchase.
Chinsok Kim, a counsel for Daewoo International (America) Corp. says, "We
have expanded our business to include international finance, resource
development, domestic and overseas investment and project management on the
basis of our expertise and experience in gathering information and organizing
in international trade. And now the expansion of e-commerce we are committed
to providing Korean businesses with the very best infrastructure so they can
best expand their overseas opportunities."
This agreement with Daewoo is a significant step in Planet Payment's
stated strategy to become the global leader in providing multi-currency credit
card payment solutions to merchants and financial institutions. "Planet
Payment recognizes the enormous opportunities for e-commerce in Asia and has
already developed strong relationships in Japan, Hong Kong, and China," says
Philip Beck, Chief Executive Officer of Planet Payment. Partnering with
Daewoo -- the leading company in Korea -- further solidifies Planet Payment's
position in the Asian marketplace and enables us to uniquely provide
internationally-minded Asian companies with sophisticated e-businesses
solutions and services on a global basis."
About Daewoo
Daewoo is Korea's leading general trading company. Daewoo Corporation
reached a new export high of $17.6 billion in 1998 and it plans to maximize it
overseas network in the coming years. Daewoo Corporation started back in 1967
as a small textile exporter and has evolved into a leading multinational General
Trading Company. The company exports a variety of products such as steel, metal,
nonferrous-metal, automotive components, machinery, industrial plants, electronics,
textiles and chemicals to over 165 countries around the world.
About Planet Payment
Planet Payment provides e-businesses with the ability to accept credit
cards online, in real-time, in almost any currency. To get up and running,
e-businesses need a credit card merchant account and secure payment gateway.
To maximize the global opportunity presented by e-commerce, merchants will
need to accept payments in multiple currencies. Planet Payment's affordable
solution enables Internet merchants to accept Visa(R), MasterCard(R), and
American Express(R) credit cards and is compatible with most shopping cart
technologies using its state-of-the-art payment gateway powered by
Authorize.Net.