13 September 2013: Mint Wireless (ASX:MNW) (“Mint Wireless”) has entered a definitive agreement with Bank of New Zealand (BNZ), New Zealand’s leading small business bank, to deliver BNZ’s PayClip mobile payments solution.
Under the terms of the contract, BNZ will be Mint Wireless’ first New Zealand customer utilising Minterprise, Mint’s custom mobile payments platform. Mint will supply BNZ with a white labelled mobile payments solution allowing BNZ customers to take card payments through smartphones and tablets. BNZ and Mint Wireless will each receive a proportion of the monthly transaction fees from users of the mobile payment solution.
The PayClip solution, utilising Mint Wireless technology, simplifies the integration of card payments across multiple mobile devices, including iOS, Android and Windows Mobile devices, turning them into fully-featured credit and debit card payment systems. The technology is based on a card present, online, real-time mobile solution that enables EMV-based chip and sign transactions – all through standard smartphone devices.
Alex Teoh, Chief Executive Officer at Mint Wireless said the Mint Wireless payment platform offers PCI-compliant, card present mobile payments solutions at a price-point accessible to any small business.
“The Mint Wireless solution is the most secure, flexible and affordable mobile payment platform available in the market today and we are very pleased to be working with BNZ in providing this technology to its small business customers,” Mr Teoh said.
“BNZ is well recognised as the leading bank in New Zealand for small businesses, and Mint Wireless has developed the leading secure mobile payment platform for small business customers. We look forward to building on this important strategic relationship,” he said.
BNZ is the first Australasian bank to offer technology of this kind and said the platform would give its small business customers access to an affordable mobile payment solution which will enable them to receive payments as soon as the next business day.
Harry Ferreira, head of small business at BNZ said, “Mint Wireless has the product and service combination we were looking for as well as a proactive can-do approach to delivering on our requirements.”
“Using Mint Wireless technology we are able to address one of the biggest pain points for small and medium businesses – managing cash flow while waiting for payment.”
“The PayClip solution will allow, businesses to take payments on the spot and funds will be in their account as early as the next business day.”
Mr Ferreira said that receiving payments earlier can have a massive positive effect on small and medium businesses in reducing the cost associated with debt funding the shortfall between delivering a product or service and receiving payment for it. All BNZ customers are able to pre-register from today and PayClip is expected to be available from next month.
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