Mint Corporation (TSXV:MIT) currently provides employers with automated payroll services and a proprietary Automated Teller Machine network for unbanked employees in the United Arab Emirates (UAE)
SmallCapPower | March 15, 2018: Mint Corporation (TSXV:MIT), on Thursday, March 15, 2018, announced that, due to strong interest from prospective partners in both emerging and mature markets, that it has made a strategic decision to take its best of breed, payments platform global.
Mint Corporation currently provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for unbanked employees in the United Arab Emirates (UAE). UAE has a migrant worker population of more than five million and the law states that employers cannot pay these migrant workers in cash. This translates into a market potential of US$25 billion per year, based on the average annual migrant salary of US$5000, of which Mint hopes to capture 25% of that $25 billion opportunity.
The future of payments is through the mobile phone. Countries in the emerging markets are driving the move from cash to cashless transactions and rapid adoption will be achieved through the mobile phone and companion mobile wallets. Mint is facilitating this transition.
Think of Mint’s platform as a giant “mobile wallet” with multi-faceted uses. “Like a Swiss Army knife – multiple tools for multiple opportunities,” said Mint Director Vikas Ranjan, in an interview with SmallCapPower. Unlike a traditional wallet that carries only cash and credit cards, Mint’s mobile wallet can also send its owners digital offers for related products and services, which will provide additional revenue streams for the Company.
China’s UnionPay, one of the world’s largest bank card services provider, partnered with Mint to issue its payment cards for the UAE, as the country requires a bank and a third-party payment processor in order for payment card companies to conduct business there.
Now, Mint Corporation has set its sights on other markets throughout the world, both emerging and developed. India, for example, has less than 5% credit card penetration and technology is allowing the county to go straight to mobile wallets – a US$500 billion opportunity for mobile payments by 2020, according to a study by Google.
Indonesia is another example of a populous county with a large migrant worker population that stands to benefit from Mint’s products.
Mint Corporation also sees opportunities in developed markets, such as North America. According to Mr. Ranjan, Mint is looking at potential acquisitions in North America involving payment processors, or even a payroll company.
Since October 24, 2017, MIT stock has climbed more than 300% to its current price of $0.26 a share.
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