Sydney 26 November 2010: Mint Wireless Limited (ASX: MNW) announced the launch of their new Managed Payment Service (MPS) which will allow them to scale its operations and to properly address the present challenges in the global payments environment. In order for them to launch a payments service that could be used globally, Mint’s underlying technology needed to be enhanced. The advancement of the technology means that Mint now has the ability to process EMV chip and PIN transactions and local debit cards in different countries, like EFTPOS In Australia, which accounts for 47.96% of all card transactions in the country*. This is an important step for Mint to suitably address the needs of large enterprise merchants globally.
Developed to be Software as a Service (SaaS), the Mint MPS has been designed to authorise and settle any type of card transaction securely and reliably. Based on payment switching technology, which is commonly used by Banks and Card Schemes, the MPS is able to process transactions in any country and is able to manage online PIN functionality. The MPS gives merchants access to a fully functional payment service without the need to store sensitive card data on their own system, reducing their risk and total cost of ownership for payment processing.
Mint Wireless, CEO Payment Solutions, Cameron Olsen, added: “The launch of the Mint Managed Payment Service is a huge step forward for the Mint Payments Division. It allows us to offer Enterprise merchants a much more comprehensive mobile payments solution, something that contributed to us securing the recently announced partnership with Motorola. The technology we have invested in also means we can roll out payment solutions globally and doesn’t restrict us to just mobile payments, but allows us to offer a complete multi-channel service for customers. This means a merchant will be able to process all their transactions through Mint’s service, such as website and call centre transactions, as well as those taken on traditional EFTPOS terminals.”
“This new payments service will provide a platform that will accelerate our recurring monthly fee for services, software licenses and transaction fee revenues for the division as we start to sign up merchants for the new service and increase transaction volumes.” Mr. Olsen said.
*Source: Australian Payments Clearing Association
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