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Mint software enables smartphones to accept and process credit card payments
9 October 2007 - Mint Wireless Limited (MNW) today announced it has signed a three year supply agreement with Optus for the Mint portable payment system (Mint). Optus has commenced ordering the Mint system, which will be offered as part of a mobile payment 'bundle' package from select Optus World stores from November 2007. Optus has also started selling the bundled package direct to businesses through the national sales teams in Optus' Business and Small and Medium Business divisions.
As the first of its type in the Australian marketplace, the mobile payment 'bundle' includes a BlackBerry Curve or O2 Xda Atom Life smartphone, voice and data plan and a subscription to Mint. Mint has worked with Optus over a number of months to prove the technology, train Optus sales staff and integrate into Optus' systems so that customers will only receive one Optus bill for the service.
Mint is a software application that runs on a user's smartphone, essentially turning the phone into a portable cash register. Mint users are able to accept and process credit card payments (and other payments such as cash, cheque or account). Transactions are processed wirelessly (and securely) over the Optus mobile network.
Businesses subscribing to Mint can accept payments and print an invoice on the spot (using Mint's supplied pocket-sized printer and card reader) after finishing a job, ensuring they get paid immediately. Every transaction is kept in their Mint online administration system, which can be downloaded straight into MYOB or QuickBooks to reduce bookkeeping time and electronically manage all their accounting data.
Mint is seen as one of several key drivers to increase the uptake of mobile data services on the Optus network. Optus intends to begin the Mint rollout in selected retail stores this year and in early 2008, continue the rollout throughout the majority of their stores nationwide.
Of course, the smartphones can also be used to send and receive emails, access the Internet, and a host of other features, including navigational devices which help make a business more efficient, productive and profitable.
Alex Teoh, CEO of Mint Wireless commented, "We believe Mint is something that Australian businesses, large and small, have needed for a long time something that enables faster payment, and significantly reduces administration time. We're delighted to be working with Optus because, together, we're making it more affordable and extending the benefits to businesses nationwide."
The financial benefits for Mint Wireless from the Optus sales will be derived initially from monthly subscriptions to Mint and through the fees charged to users for processing credit card transactions through Mint."
About Mint Wireless Limited (ASX code: MNW)
Mint Wireless Limited focuses on the provision of mobile payment solutions and portable data storage devices.
The Mint portable payment and invoicing system is a software application for Microsoft Windows or BlackBerry smartphones and includes a pocket-sized printer and card reader. Anyone who needs to receive payment out of the office can accept credit cards (and other payment types), process credit card transactions, print an invoice on the spot and download (from their mint online administration tool) all transactions into their accounting software (i.e. MYOB or QuickBooks).
Mint Wireless Limited also owns the Australian and New Zealand exclusive distribution rights to an innovative range of flash memory products sold under the Tomato Flash brand name.
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