Mint Middle East To Collaborate With Interac In UAE

Mint Middle East (MME) on Sunday signed licensing agreements with Interac Corp. (Interac), Canada’s domestic debit network, granting MME exclusive rights in the United Arab Emirates (UAE). The licensing agreements will help MME to deliver a secure and cost-effective contactless point-of-sale solution in the UAE for domestic debit transactions, as well as provide documentation and software that will position MME to offer a broad range of mobile payment solutions.

Abdulrazzaq Al Abdullah, Chairman and CEO of Mint Middle East and a philanthropist, speaking at the press conference on the sideline of the Seamless Middle East 2018, said, “Our goal is to create a cashless environment by minimising the cash-based transactions and support the government initiative to achieve financial inclusion and providing the benefits of e-government to its citizens and our association with Interac is a very strategic move towards  achieving the same as Interac is one of the oldest domestic schemes in the world and first and only Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions, bringing with them 30 years of rich domain experience of providing consumers with a secure and immediate way to pay for goods and services directly from their bank accounts.”

“We are pleased to be in with such a good and well-reputed company and are excited to enrich our value proposition with contactless and mobile debit capabilities in this region as a part of our continuous efforts of delivering tailor-made enterprise and retail payment solutions,” added  Ali Faizan Rizvi, CCO, Mint Middle East.

Speaking on the occasion, James Good, Head of International Business Development, Interac Corp. said, “As Canada’s first and only domestic debit network, we have a deep understanding of the needs and challenges that go into building and operating a domestic debit payments solutions in Canada and overseas.”

He said, “We are proud  that other payment networks, such as the one built by MME, see the value in licensing our payment solutions to build their contactless and mobile debit capabilities in their respective markets.”

In addition to offering consulting on a global basis, part of Interac’s international strategy is to help enable domestic networks and close-loop networks outside of Canada remain agile, competitive and innovative through the licensing of documentation, specifications and software. Licensees can expect to quickly and cost-effectively leverage solutions that can be customised and implemented to deliver products based on those offered by the Interac network in Canada, including contactless, mobile, and P2P solutions.