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  • Payment
  • Canada

Virtual Currency: MintChip Launched in Canada

  • 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.