Mint mobile wallet extends ATM, banking services to unbanked in UAE

The Mint Corp., a Toronto-based payments company with its primary business in Dubai, has announced that its majority-owned subsidiary Mint Middle East LLC has completed testing and integration for its mobile wallet and is now preparing for a commercial launch of the application, according to a press release.

Mint Group provides employers with automated payroll services and a proprietary ATM network for their unbanked employees.

Mint Group community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile wallet, to which their salaries are deposited.

This mobile wallet effectively becomes the employee’s bank account, the release said.

Initially, Mint cards were closed-loop, and could only be used within the Mint ATM network. The company has now migrated its cards to an open loop environment, which enables cardholders to use it at multiple locations and for a wide variety of transactions.

“The mobile wallet links our payments platform to a feature-rich mobile wallet application,” Mint CEO Vishy Karamadam said in a press release. “This will allow our customers to significantly enhance their ability to access and consume financial services products by providing them essential services such as account statements, ATM locator and value-added services such as remittance and mobile top-ups through their mobile phone.”

Mint Group intends to expand its wallet offerings to include micro loans, cardholder rewards, and insurance, among other services, the release said.