TORONTO, April 05, 2018 (GLOBE NEWSWIRE) -- The Mint Corporation (TSX-V:MIT) (“Mint”) is pleased to announce that it has obtained an option to acquire a 75% ownership interest in vPay, a mobile payment solution business in India.
vPay is a rapidly growing, fully integrated payment automation gateway business in India with blue chip Indian corporate clients and is currently operating as a business division of Vmobo Inc.
Key Highlights of the vPay business include:
- The addressable market in India for the digital payments business today is estimated to be USD $200 billion and projected to grow to over USD $1 trillion by 2023.
- vPay’s payment automation engine is integrated with all major credit card gateways, over 55 internet banking interfaces, major wallets like PayTM and Airtel Money and pre-integrated with custom privilege programs such as vClusive Stars in India.
- Vpay already has approximately 400 corporate clients and has achieved an impressive growth rate of 700% over last year in payment processing volume.
“India is today among the most dynamic, innovative and fastest growing digital payments markets in the world. Payment businesses in India are attracting significant capital and command premium valuations. The Mint team has been studying the Indian market over the last few years and is pleased to have found an attractive entry point to India through the vPay business, with its full integration to multiple payment gateways and wallets in India; and having a good team and blue chip customer base,” stated Vikas Ranjan, Director of The Mint Corporation.
Mint’s management team has acquired significant expertise in payments and related businesses and is committed to utilizing Mint’s technology and expertise to expand in a prudent and careful manner in markets beyond the UAE. These businesses would ideally leverage the existing capabilities of the UAE payments platform. Mint believes that this strategy will position Mint to be a successful global payments company with earnings in multiple jurisdictions.
“We are excited about this strategic partnership enabling our reach and scale across South East Asian markets. vPay, a payments aggregation platform, provides a unique solution to enterprises by offering a remote digital payment option across any payment instrument, any device, anywhere to their customers. This is an exciting time for a country like India, with projected digital payments of over USD 1 trillion by 2023, making it the next frontier to conquer in the global digital payments sector. vPay is well positioned to scale with this growth using a mobile first and device independent approach,” stated Vinu Sundaresan, President & CEO of Vmobo Inc.
Mint has invested $850K USD to acquire an 8% secured convertible promissory note issued by Vmobo Inc. (the “Note”), with an option to invest up to an additional $1.15M to acquire an additional Note. Mint may convert all or part of the Notes and accrued interest into common stock of Vmobo at a price per share equal to USD $20 million divided by the then fully diluted number of shares of Vmobo common stock.
Vmobo Inc is an Interactive Mobile Direct Marketing Company that owns vClusive, a leading rewards management program with 300K+ members in India, vPay a mobile payment solution, and majority ownership in GoodTimes, India’s leading lifestyle TV channel.
The strategic investment in Vmobo Inc gives Mint the one year option to acquire a 75% ownership interest in vPay for an additional investment of $1 million USD into vPay. vMobo has agreed to transfer the vPay assets into a separate company. vPay, once divested from Vmobo Inc., will own all the assets, intellectual property and technology of its payment solution platform and the client relationships for its payment services.
About Mint
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, 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.
About vPay
Vpay is a Payment Card Industry (PCI) compliant system that offers a payment automation engine that simplifies the internal workflow of corporate clients to collect payments from their clients in India. Vpay’s payment automation engine is integrated with all major credit card gateways, over 55 internet banking interfaces, major wallets like PayTM and Airtel Money and pre-integrated with custom privilege programs such as vClusive Stars in India.
Vpay provides intelligent switching between the major payment gateways in India and thereby allows its corporate clients to simplify management of the complex contractual and regulatory compliance requirements in India.
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
Email: kno@gravitasfinancial.com
Tel. 647-252-1664
www.themintcorp.com