MINT Announces the launch of Gift Card program in UAE
NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
TORONTO and DUBAI, United Arab Emirates, May 02, 2018 (GLOBE NEWSWIRE) — The Mint Corporation (TSX-V:MIT) (“Mint” or the “Company”) is pleased to announce that its majority owned subsidiary Mint Middle East LLC has launched a UnionPay International branded gift card program in the United Arab Emirates (UAE) and has also delivered the first batch of its gift cards.
The gift card is a UnionPay branded general purpose non-reloadable prepaid card which can be used in all locations accepting UnionPay branded cards, targeted initially at corporate clients and exchange houses in the UAE market. Mint is also planning to launch a MasterCard branded gift card in the coming months.
In the next phase, the card will be marketed and distributed through retail channels and online to individuals, including as digital egift cards once the company receives the necessary regulatory approvals.
Global gift card market is witnessing rapid growth and is projected to double its size from 2017 level to reach $698 billion USD by 2024 according to a study by Persistence Market Research.
“UAE gift card market size is estimated to reach $1.5 billion USD by 2020. There is an increasing demand for gift cards in the corporate sector across the world. Companies are offering incentives to employees by giving gift cards to recognize employees’ contributions and achievements. Mint’s gift card program is another product line from our globally certified payments platform and helps us add new revenue opportunities and broaden and deepen our relationship with corporate clients and exchange house partners in UAE,” states Vishy Karamadam, CEO of The Mint Corporation.
About The Mint Corporation
The Mint Corporation (TSXV:MIT), through its majority owned subsidiaries (the “Mint Group”), is a globally certified payments company headquartered in Toronto, Canada with its primary business in Dubai, United Arab Emirates (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard and UnionPay as a third-party payment processor. Mint processes over US$1 billion in payroll annually for hundreds of corporate clients and for financial institutions, including some of the leading blue-chip companies in the UAE. The Mint community consists of approximately 400,000 cardholders.
Mint provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile wallet, where their salaries are deposited. This mobile wallet effectively becomes the employee’s bank account.
Mint intends to offer a comprehensive suite of services through the mobile wallet, including remittance, mobile phone top-up, rewards, and insurance, among others. The mobile wallet enables unbanked employees to purchase services and spend through the wallet.
Forward looking Statements
This news release contains forward-looking statements. Forward-looking information include statements with respect to Mint’s intention to launch a MasterCard branded gift card in the coming months. The forward-looking statements are based on certain expectations and assumptions made by Mint. Although Mint believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because Mint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. The launch of a MasterCard branded gift card and digital egift cards could be delayed if the company fail to receive regulatory approval in a timely manner. The forward-looking statements contained in this press release are made as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Mint Corporation