Mint Launches Online Marketplace for Underserved Small Business Merchants
Toronto, Ontario--(Newsfile Corp. - May 27, 2019) - The Mint Corporation (TSXV: MIT) (OTCQB: MITJF) ("Mint") is pleased to announce that its majority-owned subsidiary, Mint Middle East LLC ("MME"), based in the United Arab Emirates (UAE), has successfully extended its payments platform to cater to the underserved merchants in the region with the launch of GoMart, an online market place with initial focus on grocery & convenience stores.
Mint continues to expand its portfolio of digital financial products as it strives to drive financial inclusion in the region by building technology capabilities on its platform.
According to a PWC retail survey, there are over 130,000 small and medium sized merchants in UAE with no in-store Point of Sale (PoS) solution. With the recent introduction of value added taxes (VAT) the Government of UAE has solidified its efforts in creating a cashless economy.
"We are excited to launch a digital marketplace for the underserved merchants. We are witnessing a paradigm shift in the way people transact in the UAE with the introduction of policies such as the VAT by the government. We believe this will bring a higher degree of fiscal transparency and help in the transition of UAE into a cashless economy. GoMart intends to provide a digital marketplace presence for the underserved merchants that includes inventory management, software solutions, invoicing and reconciliation with VAT protocols in the UAE," states Abdul Razzak Al Abdullah- Chairman & CEO of MME.
This service will be offered on a base subscription plan (monthly or annual) with add-ons for value added services.
"Mint platform has continued to evolve and strengthen by adding technology capabilities. Mint's Merchant management solutions is a significant step in Mint's evolution from a payroll administrator to a mobile-led financial services provider to the underserved category in the UAE. We believe the investments we have made over the past few years in building the payment technology stack will help us transplant this stack to other markets in the region and create significant shareholder value over the long-term. Currently, companies with similar platform capabilities are garnering significant capital market interest globally," states Vishy Karamadam, CEO of The Mint Corporation.
The Mint Corporation through its majority-owned subsidiaries (the "Mint Group"), is a globally-certified payments company headquartered in Toronto, Canada with its primary business in Dubai, UAE. The Mint Group provides employers, employees and merchants with best-in-class financial services supported via payroll cards and the feature rich and linked Mint mobile application. Through its mobile enabled payments platform certified globally by Mastercard and UnionPay, Mint brings modern financial conveniences, at reasonable cost, to employers, merchants and consumers.
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The Mint Corporation
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