Sydney, 23 July 2020: Mint Payments (ASX: MNW) has signed a 5 year supply and distribution Agreement partnered with one of Australia’s largest travel business groups and consolidators, CVFR Travel Group (CVFR), to deliver a co-branded integrated payments solution.
The partnership with CVFR will cover the full spectrum of payment types, including but not limited to credit card, debit card and EFTPOS initially, followed by bank transfer, Foreign Exchange (FX) payments and virtual card payments.
With over 30 years of experience within the industry, CVFR has developed an extensive network of over 700 travel agencies, processing over $600 million per annum of payment transactions. CVFR covers the full range of consolidated services and supply options for travel agents and has offices in all states across Australia, as well as in New Zealand. Mint will be the exclusive payments partner across CVFR’s network and intends to launch further innovative payment initiatives throughout the partnership term to enhance customer convenience. By utilising the Mint-CVFR co-branded solution, travel agents will benefit from increased cost efficiencies through automation, alternative payment options with more competitive pricing structures, and premier customer service support.
CVFR CEO & Group Managing Director, Ram Chhabra said:
“For CVFR Payments this will be a whole new business division for the group. CVFR Payments won’t be just offering this solution to the CVFR Consolidation travel agents but to any agent, hotel, wholesaler, tourist attraction or any other business in the travel and tourism sector. CVFR Payments will be an independent business unit offering a payment solution and provide CVFR Group a whole new revenue stream”,
“There is no better partner for CVFR Payments than Mint Payments. Like CVFR, Mint is a fast growing and innovative company. Our key business values are well aligned”.
Mint Payments CEO, Alex Teoh said:
“We are thrilled to be partnered with one of the leading travel consolidator groups, CVFR. Just as CVFR is a “one stop” solution provider for travel, Mint is a “one-stop” technology provider for all payment types. We look forward to working together to provide travel agents with our enhanced and intuitive product suite that has been proven to boost efficiencies and reduce costs – an essential requirement for businesses operating in the “new normal” post-COVID”.
Development and integration (through Mint’s suite of APIs) is currently underway and the co-branded Mint and CVFR solution is targeted for launch across Australia by in the final quarter of the 2020 calendar year.
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