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Canadian merchants now have a self-service tool to accept digital cash in stores via the MintChip Retail Payment Platform announced Wednesday by nanoPay Corp. NanoPay purchased MintChip, a digital currency developed by the Royal Canadian Mint, in 2016.
“Since acquiring MintChip from the Royal Canadian Mint, we have focused on enhancing the security, performance, and scalability of our core nanoPay platform,” said Laurence Cooke, nanoPay chief executive and founder, in a press release. “While today marks a milestone for the MintChip ecosystem in Canada, we are excited that partners can create custom retail payment systems that bring frictionless payments through digital cash to countries around the world.”
The platform enables merchants to accept digital cash in Canadian dollars, and includes the MintChip merchant app and the MintChip consumer app, which are available for Android and iOS devices. Merchants can also use an Ingenico Group POS terminal from Global Payments Inc. MintChip users can tap their smart phones with the MintChip app against the contactless terminals.
Merchants can use an online site to provision their payment terminals, view transaction reports, and manage cash deposits to their bank accounts.
NanoPay says merchants pay no transaction fees, but are assessed an undisclosed fee to transfer MintChip payments into their bank accounts. One MintChip equals one Canadian dollar, nanoPay says. Merchants also do not have to contend with chargebacks when transactions are made with MintChip, the company says.
The MintChip Retail Payment Platform is available as a white-labeled retail closed-loop payment system, too, that can be tied to a fiat currency of any nation or linked to a new or existing loyalty currency, nanoPay says.
