March 17, 2016 – The Royal Canadian Mint announces that all assets related to MintChipTM, a digital currency product developed by the Mint, have been sold to Loyalty Pays Holdings Corporation – a wholly owned subsidiary of nanoPay, a fully-integrated loyalty and payments platform provider.
MintChip – the frictionless® digital payment solution
As a digital payment technology with many of the attributes of cash, MintChipTM enables consumers and merchants to exchange value faster, safer and at a fraction of the cost of other digital payment alternatives available today. It is also uniquely able to support compliance with regulatory standards, including anti-money laundering (AML) and know your customer (KYC) rules.
MintChipTM uses secure asset stores to move funds, which can be denominated in any recognized national currency, between parties without an intermediary and can process transactions both online and offline. This reduces the cost and risk of financial transactions by enabling real-time settlement with no recourse and non-repudiation. MintChipTM transactions are private, secure and enable frictionless® retail, ecommerce and B2B payments.
nanoPay will explore the full potential of MintChipTM
“This transaction, which was conducted through an open, transparent divestiture process, allows MintChipTM to move to its natural next step of commercialization in the private sector,” said Bob Zintel, Senior Director, Finance at the Royal Canadian Mint. “Canadians can now look forward to the evolution of MintChipTM as nanoPay explores the full potential of this digital payment technology in the global marketplace.”
“Digital currency is inevitable and our newly-acquired MintChipTM platform delivers a digital cash future to consumers, businesses and governments today,” said nanoPay Founder & CEO, Laurence Cooke. “Digital cash will transform payments globally, from the unbanked to the largest financial institutions, and MintChipTM will help easily transition to the reality of cashless payments.”
The MintChipTM platform was successfully tested by the Mint in a six-month internal trial and has been granted five patents, with another five applications in process. The platform is now live and processing transactions today, and will be commercially deployed in the coming weeks.
nanoPay is now focused on expanding partnerships with central banks, commercial banks, telcos, acquirers, retailers, as well as developers and POS providers, that will further expand the utility and acceptance of MintChipTM.
For more information about nanoPay and MintChipTM, visit the nanoPay website.
To learn more about the Royal Canadian Mint go to their website.