Mint launches multi-currency prepaid travel card in the UAE

TORONTO, April 11, 2019 (GLOBE NEWSWIRE) -- The Mint Corporation (TSX-V: MIT) (OTCQB: MITJF) (“Mint”) is pleased to announce that its majority-owned subsidiary, Mint Middle East LLC (“MME”), based in the United Arab Emirates (UAE), has successfully launched a pre-paid travel forex card to facilitate cashless and pre-fixed forex rate transactions for travelers in the region.

Mint aims to capture a share of the prepaid foreign exchange card market with the introduction of multi-currency prepaid card solutions for UAE exchange houses that will enable them to serve their travelling customers with a multi-currency prepaid card and mobile application. The application will allow up to 25 currencies for the linked multiple accounts with 6 active currencies. The multi-currency card can be white labelled or co-branded according to the needs of the exchange houses.

“We are excited to present the multi-currency travel card to our stakeholders in the UAE. The payments industry is constantly evolving and needs robust digital solutions that not only facilitate easier digital payments, but also keeps them secure. Multi-currency travel cards are a safer alternative to carrying cash and take the worry out of travel for customers while travelling abroad” states Abdul Razzak Al Abdullah– Chairman & CEO of MME.

The multi-currency card will allow users to load multiple currencies onto a single card allowing the customer to use the currency of their choice while travelling abroad. Customers will be able to view their balance or see their transaction history. Mint is uniquely placed to offer an end to end multi-currency travel prepaid solution in the UAE and will enable the exchange houses to go to market quickly along with other value-added services.

“We are at the forefront of the cashless drive in the UAE. We have long standing relationships with the many foreign exchange houses in the UAE. The launch of our prepaid multi-currency card in conjunction with our exchange house partners is a testament to our technology and payment capabilities built over the past few years. This initiative also enables Mint to attract a new demographic of end customers towards our platform and helps deepen our existing exchange house relationships.” states Vishy Karamadam, Chairman & CEO of The Mint Corporation.

UAE has seen sharp growth in outbound travel during the recent years. According to World Tourism Organization, approximately 7.6 million outbound travels were witnessed during 2018 from the UAE. Currently around 55% of the travel expenses are cash based and accounts for a total of US$10.4bn out of the total outbound travel expenditure of US$19Bn.

About Mint
The Mint Corporation through its majority-owned subsidiaries (the “Mint Group”), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.

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The Mint Corporation
Vishy Karamadam