Mint Global Processing (MGP), a subsidiary of Mint Technology Corp, and its banking partner have received approval from the UAE Central Bank to complete the issuing and acquiring certification for prepaid and ATM debit cards (view press release). The announcement makes MGP only the fourth Third Party Processor in the UAE to have authorisation to connect to the Central Bank UAE Switch. MGP will now be able to market its processing services to banks and card issuers across the UAE and GCC, and any card issued from a financial institution in the region will be accepted by the MGP platform. MGP is also currently working with its technology partner and shareholder, Carta Solutions, to roll out mobile banking, RFID and NFC capabilities for contactless mobile and card payments.
“By using our own transaction platform, it reduces our costs and dependencies on outside vendors which equates to a stronger bottom line and increased revenues,” said Mint CEO Nabil Bader.