Alternative Finances

Royal Canadian Mint Looking To Unload MintChip Program

After a big announcement and bold plans for the future of secure payments in Canada, the Royal Canadian Mint has officially decided to ditch the MintChip program and is looking to pursue a sale of the business.

“The Mint is currently working with the Department of Finance to explore divestiture options. The Mint is also in the process of completing development of MintChip to package the assets for divestiture,” says Mint spokeswoman Christine Aquino, reports Finextra.

The program would have allowed Canadian consumers to use a chip to load value onto a mobile device or store its information in the cloud to enable both real-world and online purchasing power. POS terminal giant Ingenico as well as vendor Security Key had both been brought into the project within the last year.

According to the Mint spokeswoman, their plans have “matured,” making this the right time to hand the project over to the private sector.

 

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