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The Royal Canadian Mint’s digital payment technology MintChip™ was demonstrated last week during the 2014 National Retail Federation’s Annual Convention and EXPO.

Though MintChip™ is still in its research and development phase, Ingenico, a leading provider of payment solutions based in Paris, introduced the first proof-of-concept of the MintChip™ payment technology on a POS retail system.

Similar to other digital payment methods, MintChip™ is a secure protocol for storing currency and transferring it digitally for payment transactions.

“Retailers are constantly looking for new ways to offer secure and efficient payment solutions to streamline costs and better serve customers. As the global leader with an extensive network of payment acceptance coverage, Ingenico is pleased to partner with the Royal Canadian Mint to raise payment solutions standards to a new level.” Thierry Denis, President of Ingenico, North America.

MintChip™ was first launched in April 2012 backed by the Government of Canada, introduced as a payment medium choice for consumers to digitally exchange money for low value transactions.

Source: Ingenico