TORONTO, March 22, 2018 (GLOBE NEWSWIRE) -- The Mint Corporation (TSX-V:MIT) (“Mint”) announces that its majority owned subsidiary Mint Middle East LLC (“MME”) is preparing to launch its mobile wallet with testing and relevant integration completed. The mobile wallet application was previously launched in a pilot mode. Mint is pleased to announce that it has incorporated the feedback and learning from that phase to prepare the mobile wallet application for a full commercial launch.
“We expect the launch to happen in April subject to regulatory approvals in the UAE” states Abdul Razzak Al Abdullah – CEO of MME.
Mint expects Overdraft, Money Remittances (domestic and cross border / international) and Mobile Recharge (Pre-paid cell phone minute or cell phone minutes purchased in advance: both domestic and cross border / international) features to be rolled out initially. Additional features, such as micro loans and health insurance, are to be added later.
Currently, Mint is in the process of launching an aggressive marketing campaign to push the wallet application to its 400,000+ and growing cardholder base. A link to download the wallet application will be sent to all cardholders in Mint’s UAE database. Several marketing incentives will be offered to increase the download and adoption of the wallet application.
“The mobile wallet links our payments platform to a feature rich mobile wallet application. This will allow our customers to significantly enhance their ability to access and consume financial services products by providing them essential services such as account statements, ATM locator and value-added services such as remittance and mobile top ups through their mobile phone” – states Vishy Karamadam – CEO of The Mint Corporation
MME expects its customers to increasingly use their cards and/or mobile wallet to spend on a gamut of products. Initially, Mint’s cards were close looped cards, which could only be used within Mint’s ATM network. Mint now has migrated its cards to an open loop environment, which enables cardholders to use it at multiple locations and for a wide variety of transactions. This has increased the usage of MME’s card by 30% at Merchant Point of Sales (POS) terminals over the past year. MME receives interchange fees as transactions get done using an MME card and those transactions are processed through MME’s network.
Mint believes that the launch of the mobile wallet presents a tremendous opportunity for Mint to increase its per cardholder revenue as more customers use the mobile app and stay within Mint’s ecosystem while using its different products.
About Mint
The Mint Corporation (TSX-V: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 Group processes over US$1 billion in payroll annually for hundreds of corporate clients and financial institutions and the Mint Group community consists of approximately 400,000+ cardholders. Mint Group’s clients include some of the leading blue-chip companies in the UAE.
Mint Group provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint Group 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 Group intends to offer a comprehensive suite of services through the mobile wallet, including remittance, overdraft, loans, mobile phone top-up, rewards, and insurance, among others. The mobile wallet enables unbanked employees to purchase services and spend through the wallet.
Forward looking Statements
This news release contains forward-looking statements. Forward-looking information include statements with respect to the launch of the mobile wallet in April and the later addition of insurance products and microloans to the mobile wallet. The forward-looking statements are based on certain expectations and assumptions made by Mint. Although Mint believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because Mint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. MME has applied for approval of the mobile wallet from regulatory authorities but the April launch could be delayed if there are delays in receiving those regulatory approvals. The addition of insurance products and microloans to the mobile wallet] will require regulatory approval and the establishment of relationships with partners authorized to offer those insurance products and microloans in the UAE. The forward-looking statements contained in this press release are made as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Mint Corporation
Kym No
Interim CFO
647-252-1664
www.themintcorp.com