Mint UAE Reports 25% Mobile App Adoption on Initial Rollout in First Two Weeks
October 24, 2018 (Source) — The Mint Corporation (TSX-V: MIT) (“Mint”) is pleased to announce that its majority-owned subsidiary Mint Middle East LLC (“MME”) has generated strong initial results on the launch of its mobile app.
Since the launch of the first phase two weeks ago to a select group of over 80,000 of Mint’s payroll cardholders, over 25% are now actively using the Mint Mobile App. Of these initial users, about one-third have purchased the mobile top-up product through the Mint Mobile App, with Mint sharing the top-up fees with mobile phone operators. MME is actively educating its cardholder-base on the benefits of using the mobile app which is expected to further bolster these adoption rates.
“The initial response to our mobile app launch has been extremely encouraging. We are aware most of our cardholders are mobile-first internet users and the initial mobile app adoption and usage metrics further validates our roll-out strategy of offering cutting-edge financial services to the underbanked through Mint’s mobile application. It is our vision to create a ubiquitous mobile-enabled fintech platform for the underbanked and the initial market acceptance shows that we are on the right track. This continues our strategy to monetize our captive card holder base by offering them value added financial services. We are also pleased to be receiving favourable reviews from our customers,” states Abdul Razzak Al Abdullah – Chairman & CEO of MME.
The Mint Corporation (TSXV: MIT), through its majority-owned subsidiaries (the “Mint Group”), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, United Arab Emirates (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard and UnionPay as a third-party payment processor. Mint Group processes over US$1 billion in payroll annually for hundreds of corporate clients and financial institutions. Mint Group processes over US$1 billion in payroll annually for hundreds of corporate clients and financial institutions and the Mint Group community consists of approximately 400,000+ cardholders. Mint Group’s clients include some of the leading blue-chip companies in the UAE.
Mint Group provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint Group community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile application, where their salaries are deposited. This mobile application effectively becomes the employee’s bank account.
Mint Group offers a mobile application with mobile phone top-up services and intends to offer a comprehensive suite of services, including remittance, overdraft, loans, and insurance, among others (subject to regulatory approval). The mobile application enables unbanked employees to purchase services and spend through the application.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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