MinChip, a digital money transfer platform made by the Royal Canadian Mint, has launched in Canada.
nanoPay, now owners of the app, has announced the first commercial deployment of MintChip™, the digital cash platform designed to be a safe, secure and fast way to send money and pay merchants.
All Canadians can download and use MintChip to send and receive digital cash with friends and family for free through secure person-to-person (P2P) payments. Consumers shopping or dining at participating merchants in the Toronto’s Liberty Village neighbourhood can also pay for goods and services with MintChip.
“Canadian consumers and businesses have an opportunity to be the first to experience the benefits of MintChip digital cash,” said Laurence Cooke, CEO and founder of nanoPay. “Whether sending money to a friend or paying in-store, MintChip provides Canadians their first glimpse of a cashless society.”
From now until Labour Day, anyone visiting the Toronto area can use MintChip to pay at the following Liberty Village locations. Each customer will receive 20 percent cashback on all purchases made with MintChip, up to a total value of $50, and will be entered to win MintChip cash prizes every time they use MintChip for P2P or merchant payments.
MintChip transfers value by creating a digital representation of cash and storing it in a digital vault. Patented technology securely encrypts and processes payments instantaneously, requiring no third-party processing or settlement. This reduces risk and eliminates chargebacks for merchants.
“With the launch of MintChip in Canada, we demonstrate that it is feasible to replace physical cash with digital cash, while showing the viability of the platform to banks, merchants and developers worldwide. Open APIs enable developers to easily integrate digital cash into new service offerings that will expand the utility and acceptance of MintChip,” said Cooke.
To download the MintChip app on Google Play or the App Store, visit mintchip.ca/get.
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