SmallCapPower | March 23, 2018: Mint mobile wallet poised for April launch in the UAE. On March 22, 2018, The Mint Corporation (TSXV:MIT) announced that its majority-owned subsidiary, Mint Middle East LLC ("MME"), is expected to commercially launch the mobile wallet application in April. In conjunction with the commercial launch, several marketing incentives will be offered to increase the adoption rate of the application. Currently providing automated payroll services for hundreds of companies, over 400,000 employees receive their salaries on a MME issued, globally accepted, MasterCard or UnionPay card. Now, with the new linked mobile wallet software on their smartphone, the mobile wallet effectively becomes the employee's bank account.
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Higher revenue per cardholder expected from the mobile wallet and new services. Initial features include overdraft, money remittances and mobile recharge. Additional features, such as micro loans and health insurance, will be incorporated into Mint's mobile wallet later in 2018. Completed services via the mobile wallet generate fees per transaction and with over 400,000 cardholders, could generate millions in additional revenue per year.
Increased revenue opportunity driven by larger Mint ecosystem. Recently, Mint migrated its cards to an open loop system, enabling cardholders a wider choice of service points. Over the past year, this change has translated into a 30% uptick in card usage at Merchant Point of Sale (POS) terminals and an increase in interchange and associated fees for every transaction completed using an MME card and processed through Mint's proprietary payment network. Now with the linked mobile wallet on their smartphones, MME expects an increase in cards and mobile wallet usage on products and services. Accordingly, we believe that the mobile wallet spells a tremendous opportunity to drive top-line growth for the Company, as more customers use the application and stay within Mint's growing ecosystem.
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