MINT Middle East LLC (MME) signed a partnership with S2M. The agreement, signed by Abdul Razzak Al Abdullah, Chairman of MINT Middle East and Daddane Aziz, Managing Director of S2M, aims to strengthen MINT's various strategies within the industry.
Mr. Abdul Razzak Al Abdullah, Chairman of MINT Middle East said: "Our decision to partner with S2M was based on their offering of cutting-edge technology, which aligns with the future strategic objectives of Mint. Our intention is to contribute to the creation of a cashless environment in UAE, including the unbanked segment, supporting the objectives of UAE smart government initiatives and the creation of a unique cost-effective merchant solution enhancing the overall consumer experience."
He added: "In 2013 the total amount spent on credit and debit cards in the UAE doubled to Dh.120 Billion from 2011, and will continue to increase dramatically in the coming years. Merchants are currently charged around two per cent interchange fee, which is too high especially when it comes to local transactions, as there are no overseas settlements involved. Mint, with its newly licensed S2M technology, will assume a leadership role in reducing the local transaction fees to a maximum of 0.50 per cent for the benefit of UAE consumers. Mint hereby seeks the support of UAE Central Bank and cooperation of all the banks in UAE to achieve this objective.
Daddane Aziz, Managing Director of S2M said today, "We are particularly proud of this partnership, which is the result of our efforts to enhance electronic payment innovation within the industry. This partnership consolidates our mission to enhance customer experience and overall satisfaction and having a representative in the UAE will allow us to strengthen our proximity to our Middle East customer base and develop our business synergies in the region".
Currently, Mint is processing AED 400 million per month in payroll through the Wages protection system with a portfolio of 300,000 cardholders and is recognized by Central Bank of U.A.E. as a WPS agent. To date, Mint has signed with more than 3000 merchants to install its POS (Point of sale) terminals to accept bill payments and sell other value-added services. As part of its short-term goals, Mint plans to introduce value-added products to its cardholder base including direct remittance, mobile top-up and micro finance.
Mint is also building a PCI, DSS, SAS 70, ISO 27001, and ISO 9001 compliant new smart Tier3 data center, in UAE, to serve its clients across the region, which will meet the upcoming compliance requirement to process local payment transactions within the region, placing MME in a unique position in the market allowing MINT to compete with industry leaders who are still servicing their clients using legacy systems.
To accommodate the growing payment needs of the consumers and the market trend, MME will expand its distribution channels including Online, Mobile, POS, Merchant Cash Register and Kiosk to offer a new range of value added services, thus creating synergies between the varied business units under MME Middle East LLC (MME) namely Mint Capital (MC), Mint Electronic Payment Services (MEPS), and Mint Global Processing (MGP).