MasterCard, Peoples Trust & Mint Technology to Introduce MasterCard PayPass™-Enabled Prepaid Cards
Toronto, Ontario/ Vancouver, B.C., November 3, 2004 – MasterCard International, Peoples Trust and Mint Technology Corp. (TSX-V: MIT) announced today that they will issue MasterCard PayPass™-enabled prepaid cards over the next year.
MasterCard recently announced it will pilot PayPass, a contactless payment system, in Canada in conjunction with Peoples Trust and Mint. The companies are the first to issue and support this card in Canada.
Mint will leverage its electronic payments platform in conjunction with prepaid functionality and MasterCard’s PayPass platform to offer services and features under the PayMint brand name.
A MasterCard prepaid card enables its user to store or set aside money in a financial account that can be accessed for purchases wherever MasterCard is accepted, including the Internet and ATM cash withdrawals.
MasterCard PayPass is a contactless payment program that uses radio frequency technology. To pay, consumers simply tap their PayPass-enabled device on a specially equipped merchant terminal, eliminating the need to swipe a card through a reader. MasterCard PayPass is being developed to work in a variety of forms, such as key fobs and mobile phones. In October, Motorola announced it will conduct a field trial of mobile phones enabled with MasterCard PayPass capability.
"MasterCard PayPass is rapidly gaining momentum in the United States, and we are establishing the foundation for its roll-out in Canada," said Nagesh Devata, Vice President, MasterCard Canada. "The addition of prepayment capability to PayPass gives cardholders more convenience, and gives merchants flexibility in payment acceptance options."
Peoples Trust of Vancouver will be responsible for card issuance. "We are excited to be leading the payment marketplace in developing such an innovative type of card product," said Frank Renou, President of Peoples Trust. "The fit between Peoples Trust and Mint’s technology is very strong. Mint’s expertise and market vision combined with our knowledge and ability in card issuance has produced a new product we believe will be tremendously successful in Canada."
" The PayMint card is important because it will combine four key elements – the broad acceptance of MasterCard, the revolutionary technology of MasterCard PayPass, the budgeting and control abilities of prepaid, and the convenience of value top-up," said Frank Maduri, President Mint Inc. "It will reduce the clutter in your wallet – the collection of cards, tags, and coins which becomes annoying to manage – and give you a single card that can be used virtually anywhere.
About Peoples Trust Company
Peoples Trust has become a very successful provider of financial services by combining price competitive products with truly exceptional customer service and support. They maintain a unique and enviable position among Canada's financial institutions as a result of long-term profitability, steady asset growth and the ability to perform above and beyond customers' expectations.
About Mint Technology Corp.
Mint Technology Corp. provides electronic transaction solutions that streamline the entire procurement and payment process to deliver time and cost savings, better security, reduced fraud exposure and improved revenue management abilities for clients. It markets its products and services through its wholly-owned subsidiaries, Mint Inc. and Mint Commerce.
Mint Inc. concentrates on customer facing solutions enabling payment transactions through a variety of devices that include cell phones, magnetic cards and radio frequency transponders. Businesses and consumers can easily complete and track transactions, better manage prepaid accounts and internet purchases, and consolidate loyalty applications through one primary profile. The company is headquartered in Toronto, Ontario, and began trading publicly on January 21, 2004. To find out more about Mint Technology Corp. (TSX-V: MIT), visit the website at www.mintinc.com
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members’ credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment cards brands including MasterCard®, Maestro® and Cirrus® and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless® advertising campaign is now seen in 96 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS RELEASE MAY INCLUDE STATEMENTS ABOUT FUTURE EVENTS AND/OR FINANCIAL STATEMENTS THAT ARE FORWARD LOOKING IN NATURE, SUBJECT TO RISKS AND UNCERTAINTIES.