The Mint Corporation to Collaborate with Interac Corp. in UAE
Interac to license secure contactless and mobile debit solutions to The Mint Corporation for domestic UAE transactions
April 16, 2018, Toronto, Canada and Dubai, UAE
The Mint Corporation (TSX-V:MIT) (“Mint”) announced today that its majority owned subsidiary Mint Middle East LLC (“MME”) has signed licensing agreements with Interac Corp. (“Interac”), Canada’s domestic debit network, granting MME exclusive rights in the United Arab Emirates (“UAE”) to use Interac’s contactless specifications and payments software products. The licensing agreements will help MME to deliver a secure and cost-effective contactless point-of-sale solution in the UAE for domestic debit transactions, as well as provide documentation and software that will position MME to offer a broad range of mobile payment solutions.
“Mint continues to deliver first rate payment technologies via products and services to its clients in the UAE and the Interac suite of solutions is a great addition to our lineup,” says Neil Gilday, CTO of The Mint Corporation. “The Interac brand is known in Canada for providing consumers with a secure and immediate way to pay for goods and services directly from their bank account. We are pleased to be in such good company and are excited to get working on the implementation together.”
“As Canada’s first and only domestic debit network processing more than 5,700 million transactions per year, we have a deep understanding of the needs and challenges that go into building and operating a domestic debit payments solution in Canada and overseas,” said James Good, Head of International Business Development, Interac Corp. “We are proud that other payment networks, such as the one built by MME, see the value in licensing our payment solutions to build their contactless and mobile debit capabilities in their respective markets.”
In addition to offering consulting on a global basis, part of Interac’s international strategy is to help enable domestic networks and close-loop networks outside of Canada to remain agile, competitive and innovative through the licensing of documentation, specifications and software. Licensees can expect to quickly and cost-effectively leverage solutions that can be customized and implemented to deliver products based on those offered by the Interac network in Canada, including contactless, mobile, and P2P solutions.
About Interac Corp.
Interac Corp. operates an economical, world-class debit payments system with broad-based acceptance, reliability, security, and efficiency. The organization is one of Canada's leading payments brands and is chosen an average of 16 million times daily to pay and exchange money. For more than 30 years, Interac Corp. and its predecessors, Interac Association and Acxsys Corporation, have facilitated secure financial transactions through the development of innovative and convenient debit and money transfer solutions. A leader in the prevention and detection of fraud, the organization has one of the lowest rates of fraud globally. Visit interac.ca or follow @INTERAC on Twitter. Interac Corp. has a diverse group of shareholders that includes banks, credit unions, caisses populaires, payment processors and merchants.
About The Mint Corporation
The Mint Corporation (TSXV: MIT), through its majority owned subsidiaries (the “Mint Group”), is a globally certified payments company headquartered in Toronto, Canada with its primary business in Dubai, United Arab Emirates (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard and UnionPay as a third-party payment processor. Mint processes over US$1 billion in payroll annually for hundreds of corporate clients and financial institutions and the Mint community consists of approximately 400,000 cardholders. Mint’s clients include some of the leading blue-chip companies in the UAE.
Mint provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile wallet, where their salaries are deposited. This mobile wallet effectively becomes the employee’s bank account.
Mint intends to offer a comprehensive suite of services through the mobile wallet, including remittance, mobile phone top-up, rewards, and insurance, among others. The mobile wallet enables unbanked employees to purchase services and spend through the wallet.
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The Mint Corporation