Mint and Canadian Tire to introduce new branded prepaid MasterCard

Thu. March 12, 2009; Posted: 05:07 AM

Mar 12, 2009 (Datamonitor via COMTEX) -- MITJF | Quote | Chart | News | PowerRating -- Mint Technology and its subsidiary Mint Capital have entered into an agreement with Canadian Tire Financial Services to introduce a new Canadian Tire branded prepaid MasterCard product.

The prepaid cards will be accepted at any merchant in the world that accepts MasterCard electronically, including the internet and ATM cash withdrawals. They offer the convenience of a traditional credit card without the need for a credit application and of a debit card without the need for a bank account.

The company has said that the prepaid card will be available to residents of the province of Ontario. A self-serve website will also be launched where prepaid card customers can load funds to their card and view transactions.

Chris Hogg, president and CEO of Mint Technology, said: "This announcement demonstrates our ability to rapidly develop new products that address untapped markets and opportunities.

"Prepaid cards provide customers with a low cost, secure payment alternative to cash, debit cards and cheques. We are delighted to be given the opportunity to deliver a prepaid solution to such a respected corporation as Canadian Tire."

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