Toronto-based nanopay Corp. is making MintChip, a digital currency it acquired in 2015 from the Royal Canadian Mint, available to merchants looking for a lower-cost payments channel by leveraging digital cash.
The new self-service MintChip Retail Payments Platform enables merchants to accept digital cash (in Canadian dollars), backed by a MintChip Merchant app and MintChip mobile app for consumers for iOS and Android, nanopay said in a Wednesday press release.
By creating a digital representation of a Canadian dollar, MintChip supports an alternative approach to exchanging funds that’s cheaper than existing payment options and more secure, by eliminating common costs associated with chargebacks and counterfeit transactions, nanopay said in the release.
Nanopay can be tied to the fiat currency of any country or linked to a new or existing currency, according to the announcement.
Support for MintChip is available for cross-border and business-to-business payments, and for use cases including person-to-person, in-store and online retail payments, the company said.
“Since acquiring MintChip from the Royal Canadian Mint, we have focused on enhancing the security, performance and scalability to four core nanopay platform,” Laurence Cooke, nanopay’s founder and CEO said in the release.