Mint enters Africa digital payment processing contract with Mastercard
The Mint Corporation’s subsidiary, Mint Gateway for Electronic Payment Services LLC, has entered into a payment processing services agreement for the processing of Mastercard branded payroll cards in an African based payroll card program.
The program has a planned initial deployment of 300,000 Mastercard branded payroll cards to disburse salaries to government employees. Mint currently processes approximately 400,000 cards under a payroll card program managed by Mint in the UAE.
The initial deployment of 300,000 cards is expected to be completed within 12 months and would represent a 75% increase in the number of cards processed by Mint. The initial term of the contract is for three years with annual renewal terms thereafter at the election of the parties.
"This is an important evolution for Mint and showcases our global platform capabilities and the multiple revenue engines residing within Mint’s platform. Mint has built a globally certified payments platform and is a third-party processor certified with Mastercard and UnionPay. The mobile enabled technology payments platform encompasses issuing, processing & acquiring. Mint is among a select group of companies with this capability globally and in the region. We are looking forward to the opportunity to implement and expand our service offerings into rapidly growing economies in Africa. We have a robust and proven model in place in UAE and this expansion further validates our theme of global expansion and focusing on the underbanked," states Vishy Karamadam, CEO of The Mint Corporation.