The Royal Canadian Mint is pleased to announce that all assets related to MintChip, 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.
As a digital payment technology with many of the attributes of cash, MintChip 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.
MintChip 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. MintChip transactions are private, secure and enable frictionless retail, ecommerce and B2B payments.
“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 Mint. “Canadians can now look forward to the evolution of MintChip as nanoPay explores the full potential of this digital payment technology in the global marketplace.”
“Digital currency is inevitable and our newly-acquired MintChip platform delivers a digital cash future to consumers, businesses and governments today,” said nanoPay founder and CEO, Laurence Cooke. “Digital cash will transform payments globally, from the unbanked to the largest financial institutions, and MintChip will help easily transition to the reality of cashless payments.”
The MintChip 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 MintChip.
For more information about nanoPay and MintChip, visit https://nanopay.net/.
Founded in 2012, nanoPay is an early stage Fintech company based in Toronto that provides loyalty and payments solutions for retail and ecommerce merchants. nanoPay combines customer identity, loyalty and payment information into single-use transaction tokens that make payments frictionless®. Merchants are able to leverage customer data into insight and engage customers with content and offers relevant to them. For more information about nanoPay, visit http://www.nanopay.net.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown Corporation responsible for the minting and distribution of Canada’s circulation coins. An ISO 9001-2008 certified company, the Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca