Australian payments solutions provider Mint Payment has secured an agreement with payment technology and merchant acquiring services provider Global Payments to provide integrated payment solutions and global payments for merchant acquiring services to each other’s customers in Malaysia and Singapore.
The ASX-listed Mint (ASX:MNW) says the partnership agreement will equip the company and its licensed distribution partners with the ability to provide integrated payment technology solutions with Global Payments as the acquirer, in Malaysia and Singapore with additional territories to follow.
As part of the agreement, Global Payments will also refer its merchants to adopt Mint’s range of integrated payment solutions in these two markets.
Mint executive director and head of international business, Andrew Teoh, says Global Payments Asia Pacific has a presence in 12 countries providing a wide range of payment solutions to more than 110,000 merchants, processing more than $25 billion.
{loadposition peter}Teoh says through the partnership, Mint will harness Global Payments’ existing acquiring infrastructure, which will include acquiring for both card present (in-person) and card not present (online/mobile) transactions, quick onboarding experience and settlement services.
He also says the partnership will strengthen Mint’s payments offering throughout the South East Asian region, and build on the company’s existing relationships by providing greater flexibility and regional coverage to its licensed distribution partners, including ABSS’s 300,000+ merchants spread throughout 11 countries in South East Asia.
Under the agreement, Mint and Global Payments will share transactional and merchant acquiring service fees linked to Mint’s integrated payment solution.
“Following on from our partnership with ABSS (formerly MYOB South Asia), we are delighted to announce this new partnership with Global Payments, particularly as it facilitates the company’s entry into a high growth, dynamic and developing Malaysian market, which is ABSS’ largest and fastest growing market,” Teoh said.
“Malaysia is a key market for us as we see this as another example where regulatory change can create significant opportunities for proven, established payment companies like Mint. The Reserve Bank in Malaysia has established payment card reforms seeking to promote electronic and card acceptance across the country by targeting to grow its card acceptance base to 800,000 terminals by 2020.
“This latest partnership agreement allows us to take advantage of these new reforms and we are confident that this will help drive our growth in the South East Asian region.”
Global Payments’ president, Asia-Pacific, Konrad Chan, said, “This partnership with Mint is an example of how we collaborate with our network of partners to create values for merchants who are seeking innovative as well as efficient ways to accept payments. We look forward to entering into such acquiring partnership with Mint, in view to extend the coverage of our omnichannel payment solutions to merchants in Malaysia and Singapore.”