This commercial deployment of MintChip, which the company lauds as a "regulator-friendly digital cash platform designed to be a safe, secure and fast way to send money and pay merchants," is available now for all consumers in Canada. After downloading the app, consumers can use MintChip to send and receive digital cash with others.
"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."
MintChip's P2P payments perk is that it enables consumers to move money in what the company says is a secure manner. It does this by transferring a specific value, creating a digital representation of cash and storing it in a digital vault. This includes using its patented technology to encrypt and process payments instantly without the need for third-party processing or settlement. What that has the possibility to do, according to the company, is reduce risk and eliminate merchant chargebacks.
"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," Cooke said.