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    MintChip launches for in-store and P2P payments in Canada

    Canadians can now use the MintChip virtual currency to send and receive money through a P2P mobile app and make payments at participating merchants in Toronto’s Liberty Village neighbourhood by scanning a barcode. A partnership with Ingenico will also allow for NFC payments using the virtual currency in the future.

    Mintchip“Consumers download the MintChip app from Google Play or App Store then connect their credit card to move money to MintChip,” NanoPay, the loyalty and payments platform provider that acquired MintChip in January 2016, explained to NFC World.

    “At the checkout counter, merchants have their own version of the app for payment which they open when a consumer is ready to make a payment. Consumers use the barcode on the app to make a payment, which is completely instant. Merchants get confirmation on the app that the process has been completed.”

    “From now until Labour Day, anyone visiting the Toronto area can use MintChip to pay at Liberty Village locations,” the company says. “Each customer will receive 20% cashback on all purchases made with MintChip, up to a total value of US$50, and will be entered to win MintChip cash prizes every time they use MintChip for P2P or merchant payments.

    “MintChip enables consumers to safely store and move cash digitally. MintChip transfers value by creating a digital representation of cash and storing it in a digital vault. Patented technology securely encrypts and processes payments instantaneously, requiring no third-party processing or settlement.”

    Benefits

    “Canadian consumers and businesses have an opportunity to be the first to experience the benefits of MintChip digital cash,” says Laurence Cooke, CEO and founder of NanoPay. “Whether sending money to a friend or paying in-store, MintChip provides Canadians with their first glimpse of a cashless society.

    “With the launch of MintChip in Canada, we demonstrate that it is feasible to replace physical cash with digital cash, while showing the viability of the platform to banks, merchants and developers worldwide.

    “Open APIs enable developers to easily integrate digital cash into new service offerings that will expand the utility and acceptance of MintChip.”

    The Royal Canadian Mint put its MintChip digital currency up for sale in April 2014 following field tests that made use of NFC in cafeterias at its Ottawa and Winnipeg facilities earlier in February.

    The company announced last week that it has partnered with Ingenico to integrate MintChip into its Telium system to allow consumers to pay for goods and services “with a tap or quick scan of their phone at checkout,” according to NanoPay.

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