Mint Capital (MC) is a subsidiary of The Mint Corporation and a member in its newly formed Group of companies. M-Capital was established to address the opportunity within Mint’s existing cardholder base in domestic and international remittances, Mobile Top up, and Micro Loans which will evolve through delivery channels starting with the card itself and then next generation of electronic payments through POS and mobile channels.
Money transfer services for both domestic and international remittances are shifting from traditional cash based providers to technology, plastic card and wireless service providers who are able to compete for consumer market share on the basis of technological ubiquity and lower cost services.
MC is the development unit of Mint which is providing the following services and products to and through group companies:
- Money Transfer/Remittance
- Mobile Phone Top Up
- Micro Loans
- Reloadable general purpose prepaid MasterCard’s
Furthermore, one of the goals of M-Capital is to enable control the delivery of products through these new channels in the payments environment to reduce the cost of the service and raise the satisfaction of the consumers. To that end Mint’s joint venture with Carta and the establishment of Mint Global Payments LLC delivers on this requirement.
This mobile payment technology has been well adopted in many parts of Europe and Asia. Combined market for all types of mobile payments is expected to reach more than $600B globally by 2013, which will be the double of the current figure, while mobile payment market for goods and services, excluding contactless NFC transactions and money transfers, is expected to exceed $300B globally by 2013.
MC will offer four categories of Mobil Payment processing with sales driven through Mint Middle East and transaction processing through Mint Global Payments:
- Premium SMS based transactional payments, primarily Money Transfer
- Direct Mobile Billing (Credit Card & Virtual Mobile Wallet)
- Mobile Web Payments (WAP)
- Contactless NFC (Near Field Communication)