Thursday, August 4, 2011
Momentum builds for Mint in Middle East
Middle East payroll card processor Mint Technology Corp. is reportedly growing at a rapid rate. A research bulletin issued by the research division of Ubika Corp. said the largest non-bank prepaid card provider in the Middle East has over 400,000 prepaid cards in circulation in the United Arab Emirates. It was only in April 2011 that Ubika Research said Mint had over 200,000 prepaid cards in circulation in the region.
That expansion is due to the over 200 million unbanked population in the region, according to Ubika. Mint, which designs, packages, delivers and manages specialized MasterCard Worldwide- and Visa Inc.-branded prepaid card programs for issuers, retailers, and member associations with large consumer bases, reported a 10 percent market share for prepaid cards in the UAE. Ubika Research said Mint has a market capitalization of $12 million in the Middle East region.
In comparison, the two largest prepaid card providers in the United States, Green Dot Corp. and NetSpend Holdings Inc., cater primarily to the U.S. market of 60 million unbanked, Ubika Research said; the firm put the U.S.-based prepaid card companies' market capitalizations at $1.3 billion and $684 million respectively.
In July 2011, Mint acquired the payroll card portfolio of UAE-based Workers Equity BSC. Mint subsidiary Mint Middle East LLC, located in Dubai, builds and manages payroll card programs. The deal added approximately 180,000 prepaid cards to Mint's portfolio.
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