The Royal Canadian Mint, Canadian Crown Corporation responsible for the production of the country’s money, has just launched the first state e-money based on dematerialised Canadian dollars to adjust to the requirements of the new digital economy.
MintChip works like a virtual wallet. The e-money should ease digital content purchasing, micro-payments and P2P payments through exchanges between two devices.
First the user has to choose a medium when opening an online account or opting for a mobile app for instance. A protected chip (and covered by five patents) relies at the heart of the system as it is then used as e-purse.
Sender and receiver have to share data to validate a transaction (identifying code, amount, currency code) through the sharing medium: flash drive, cell phone, tablet, computer or on the Cloud.
This virtual currency is to be tested by app developers first. The later are invited to propose means to ensure offer development implying a crowdsourcing-based approach.
The Royal Canadian Mint aims to ensure the appraisal of the digital era through providing other new sharing and storage tools and channels than the Canadian dollar.
This digital wallet is a new rival for several players (mostly start-ups) officially and relevantly positioned on the micro-payment sector.