Mint Payments Ltd (ASX:MNW) have signed a partnership agreement with Singapore’s leading pin debit operator, processor and acquirer NETS (Network For Electronic Transfers).
The payment processing software provider has entered into a five year agreement with NETS, with an option to renew for a further five years. The deal covers a multitude of Mint’s portfolio of ‘Card Present’ (CP) and ‘Card not Present’ payment solutions.
Through this partnership, Mint is to develop and launch Singapore’s first NETS branded unified ‘mPOS’ (Mobile Point of Sale) solution, enabling payment through a tablet/smartphone oriented device, which is to be also licensed by Mint. Through the development of the ‘mPOS’ solution, merchants will be able to accept all major credit cards, along with NETS debit cards through common payment methods, such as contactless, chip, PIN and magnetic swipe.
The newly established partnership enables Mint to provide its solution to financial institutions and merchants that are connected to the NETS payment processing network.
For its contributions to the mPOS solution with NETS, Mint will receive upfront implementation and hardware fees, along with an ongoing monthly fee from each merchant that is using the system. Mint will also receive a share of all the transaction fees.
Mint Payments Executive Director and Head of Business Andrew Teoh spoke optimistically of the partnership: “We are pleased to be working with Singapore’s largest merchant acquirer and only debit card provider. As well as marking a significant opportunity in the region for Mint, it is an outstanding endorsement of our technology and integration capabilities from a leader and innovative pioneer in the Singaporean payments industry and will provide a platform for further growth in Southeast Asia and beyond.”
As at 10.43am (AEDT), MNW is up over 4.5%, to $0.115.
Author: Ben Khouri
Apr 12, 2016
Ben Khouri is a financial editor for Wise-Owl with a particular focus on the top ASX 300 companies. Having a vast background in economics and finance, Ben provides financial commentary & analysis as well as global market updates, which guide investors in devising investment strategies. Ben specialises in analysing economic data and global events from around the world and examines the impacts they have on the major equity markets.