Mint Technology announces that the Company has signed a binding Memorandum of Understanding with Carta Worldwide, a Canadian transaction processing company, for the formation of Mint Global Processing LLC (MGP). MGP will be owned 55% by Mint and 45% by Carta Worldwide.
Mint Global Processing will process Mint’s own prepaid and payroll card’s and in addition will be a full service, third-party transaction processing company capable of processing a range of mobile banking and other financial products throughout the Middle East and North Africa (MENA) for other financial institutions.
Business will only commence following certification and approvals from both the Central Bank of UAE and MasterCard as a Third Party Processor (TPP [FREE Stock Trend Analysis]), which are now underway.
Mint Executive Chairman, Chris Hogg, said today, “Mint’s business growth strategy includes extending our fast growing prepaid card management business into transaction processing and we chose Carta’s technology to be the engine for Mint Global Processing after a thorough review of a number of competing software solutions and are very impressed with the next generation platform they have built. This platform will enable MGP to offer an interoperable, market ready solution with NFC, EMV and chip based multi-application technology including online/offline, micro payments, data mining, dynamic F/X, fraud and security, micro financing and mobile banking solutions.”
Carta Worldwide Founder, Brian Semkiw, said today, “We are co-investing with Mint to form this new Company to take advantage of the extraordinary opportunities Mint has developed in the MENA region. The development of a full service transaction processing platform utilizing Carta’s next generation technology we expect will place this new venture in a highly competitive position to expand the range of payment solutions Mint offers to this market.”
Mint expects to make further announcements as required with regards to MGP as approvals and certifications proceed.
ABOUT CARTA WORLDWIDE
Carta is a leading technology provider of payment processing and payment based marketing solutions to the global market that utilizes prepaid cards and mobile phone devices. Their technologies enable them to provide a complete suite of payment solutions and services to program managers and corporations aiming to generate new and innovative revenue opportunities, while reducing payment processing costs.
Carta has been certified by MasterCard as an issuing processor, which enables them to provide suite of payment services that meet the needs of program managers and Financial Institutions.
Carta also offers a wide range of unique turn-key payment technology solutions to Corporations that integrate payment methods, loyalty and processing technologies that turn payment processing into a competitive advantage by providing new revenue opportunities while reducing costs.
ABOUT MINT TECHNOLOGY CORP
Mint Technology Corp. is a pioneer in prepaid financial products and services and was Canada’s first provider of prepaid credit card programs. Today, Mint through its subsidiary Mint Middle East LLC based in Dubai designs, builds and manages an end to end card based payments solution for employers and employees for the payment of wages and benefits. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage these financial transactions. Mint also provides services for those clients looking to move towards ‘next generation’ payment methods that include chip, internet, data mining and mobile phone load and money remittance technologies.