Payment solutions provider's new services will operate out of a new Data Center in UAE
Dubai, United Arab Emirates (May 12, 2015): Mint, a vertically integrated electronic payment solutions provider and a leading payroll card service provider based in the UAE, announced its strategic alliance with Abu Dhabi Islamic Bank (ADIB) on the sidelines of the Card & Payments Middle East Exhibition 2015, for the second consecutive time. Being one of the largest local banks in the UAE, ADIB's extensive network of 70 branches and 700 ATMs is expected to boost Mint's reach in the country to acquire customers in all the emirates.
With a vision to enhance customer value proposition and market reach in the region, the alliance, which deals with services such as BIN Sponsorship, Remittance & Micro-finance, comes at an opportune time to lead streamline payment mechanisms in the country.
Lending his confidence to the relationship, Mr. Abdul Razzak Al Abdullah, Chairman of Mint said, “Forging this partnership with ADIB comes at the back of UAE's smart government initiatives. As Dubai and the other emirates have risen exponentially in commercial importance, we wish to bring our core-competencies in supporting a modernized, cash-less environment for the country's economy to thrive in.”
Mint's effort to ramp up services and achieve synergy with its strategic partners will be fostered by its recently established state-of-the-art technology platform, built in a fully ‘Payment Card Industry Data Security Standard (PCI DSS)' compliant Date Centre in the UAE.
The emerging portfolio from the partnership includes open-loop cards, a product that is set to achieve maximum value proposition for Mint's newly branded payroll card.
Targeting the burgeoning migrant population in the UAE with modest income levels, Mint and ADIB will also launch a micro-financing solutions, in addition to partnering with Arab Link Money Transfer (ALMT). A subsidiary of ADIB, ALMT will provide Mint wider access to large remittance networks such as Western Union and Xpress Money.
The newly built infrastructure and its expertise in cost-effective payment solutions positions Mint uniquely in a market rife with competitors charging a premium for the same services. Speaking on Mint's competitive edge, Mr. Abdul Razzak al Abdullah illustrated, “As a third party processor, Mint will have the opportunity to operate a principal member network with other member associations. This leverage allows us to offer issuing and acquiring services to the financial institutions in an efficient manner.”
Mint's association with its partner banks has exhibited positive results. Mint boasts a customer base of over 400,000 card holders and processes a volume of around AED 400 million.
The progress is sustained by a prudent design of its customer reach and engagement channels, which includes a mix of online payment portal, mobile payments, point of sale units covering 10,000 locations, and 2,000 cashless self-service kiosks. With the new partnership, Mint seeks to stretch the envelope in securing key benefits for its stakeholders, such as a secure and seamless engagement with consumers and automating the process of collection and reconciliation.
In lieu with digitization of financial processes, Mint also guarantees minimal human errors and eliminates risks and costs involved in handling cash conventionally.