Real-time payments platform provider nanopay has launched its new self-service MintChip solution in Canada to offer retailers a low-cost payment solution.
The company claims that the platform allows retail merchants to accept digital cash, which delivers all the services of traditional cash at a lower cost compared to that of existing payment options.
The MintChip retail payment ecosystem includes the MintChip Merchant app and the MintChip mobile app for consumers, and can deter counterfeit bills or charge-backs.
It is available to global partners looking to create white-labelled retail closed loop payment systems and can be linked to the central bank currency of any country or a new or existing loyalty currency.
nanopay founder and CEO Laurence Cooke said: "Since acquiring MintChip from the Royal Canadian Mint, we have focused on enhancing the security, performance and scalability of our core nanopay platform."
Through the payment platform, merchants can also use Ingenico payment terminals available from Global Payments or as a standalone installation.
Merchants will also have access to a retail portal which enables them to provision payment terminals, view transaction reports and manage cash deposits to their bank accounts.
nanopay is also offering cross-border payments services to allow transfer of funds in multiple currencies.
The company offers a B2B payment network, which enables businesses to send payment requests and pay partners with complete transparency and context.
nanopay technology is expected to reduce clearing and settlement costs by leveraging digital cash.