Mobile payments company uses Square as an example
Mint, an Australian mobile payments company, has been negotiating with three of the largest banks in Australia concerning the launch of a new mobile commerce platform. The company intends for the platform to emulate a similar platform designed by one of the leading companies in the mobile commerce field: Square. U.S.-based Square boasts of one of the most widely used and successful mobile payments services in the world, making it an attractive example for Mint’s initiative.
Mint to base new solution off of Square platform
Mint develops a variety of white label mobile payments applications for several companies interested in engaging mobile consumers. The company recently attained accreditation from Bendigo Bank, giving it the green light to pursue a new payment card initiative. Last month, Mint launched a small card reader designed for smartphones in New Zealand. The reader can process payments from credit cards, making mobile commerce somewhat more accessible to consumers without NFC-enabled devices. This particular product is being used by more than 1,000 Bank of New Zealand customers.
Regulations may impede success
Mint is expected to launch another mobile payments service within the coming weeks and its latest offering is expected to be based heavily on that pioneered by Square. Square boasts of more than 4 million users worldwide and processes some $15 million in mobile payments every year. Much of Square’s success has been garnered through the relatively lax regulations that exist in the U.S. concerning mobile payments. In Australia, however, staunch regulations may make it difficult for Mint to mimic the success of Square, especially because Mint is forced to work through banks rather than market its mobile commerce solution directly to businesses and consumers.
Consumers eager for NFC-free mobile commerce
Mobile payments are becoming more popular among Australian consumers, which bodes well for Mint’s future plans. Many people are demanding access to mobile commerce services that are not based on NFC technology. This is due to the low availability of NFC-enabled devices. Mint is well positioned to meet consumer demands with its technology and line of products.