Mint Technology Corporation (Mint), a Toronto-based provider of prepaid credit card programs to employers, has created Mint Money, a subsidiary that will seek to offer microfinance loans directly to its existing cardholder base starting during the first quarter of 2012. Many of Mint’s cardholders receive their wages on the pre-paid card. Mint Money reportedly will offer advances of up to USD 1,000, with approval and settlement taking place within 24 hours. Repayments will be deducted from employee’s wages before the wages are released to the card. Mint currently has a customer base of approximately 400,000.
By Cameron Milani, Research Associate
About Mint Technology: Mint Technology Corporation is a prepaid financial products and services company that provides prepaid credit card programs to clients. Through its Dubai-based subsidiary Mint Middle East LLC, the firm offers a card-based payment solution for employers and employees for the payment of wages and benefits. Mint has developed a secure payment platform that provides customers the means to handle and manage these financial transactions. Mint also offers ‘next generation’ payment methods that include chip, internet, data mining and mobile phone loading and remittance technologies. Mint currently has a customer base of approximately 400,000.
Sources and Additional Resources:
Marketwire, “Mint Announces Formation of New Subsidiary ‘Mint Money,’” http://www.marketwire.com/press-release/mint-announces-formation-of-new-…
MicroCapital Article, October 7, 2011: “MICROCAPITAL BRIEF: Government of Botswana to Stop Facilitating Repayment of Microfinance Loans by Civil Servants,” https://www.microcapital.org/microcapital-brief-government-of-botswana-to…
MicroCapital Universe, Mint Technology: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=min…
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Paywatch, Visa to Expand Early Access to Wages, Payment Services in Asia
- MICROCAPITAL BRIEF: Axis Launches axisPay Mobile Money App for Small Businesses in Egypt
- MICROCAPITAL BRIEF: Visa Everywhere Initiative 2023 Offering $500k for Fintech Innovation
- MICROCAPITAL BRIEF: Moniepoint Microfinance Bank Launches Mobile Banking App, Debit Card in Nigeria
- MICROCAPITAL BRIEF: China Mobile’s Zong Unveils PayMax Payment Service in Pakistan
