Is MintChip the payment method you've been waiting for?

Seems like mobile payments are finally coming to Canada. A couple of banks are pushing out to Android devices and connecting via Apple Pay. Samsung Pay is coming but for now there's a new kid on the block - MintChip.

MintChip is developed by the Royal Canadian Mint - the same mint that's just issued Star Trek coins - and acquired by nanoPay. While the test bed for Tap to Pay is Liberty Village in Toronto, it also recently partnered with Ingenico Group - a global leader in POS. MintChip will work like BitCoin but be backed by the currency you choose in the app.

The promise of MintChip is there are no service charges for transfering money. You can use NFC or email. I frequently email less than $20 to people so my charges add up quickly with e-interact even though I supposedly get them free. It's super easy to set up, Make an account, put in a credit card or VISA debit card and you're good to go. A bank account is used for taking your money out of MintChip is available on Android and iOS.

So - down sides. The app stays logged in so make sure you have security on your device. With TD I have to put in a PIN to TapPay and I'm good with that. Remember if you get a cash advance on a credit card you may pay interest on your entire balance until your next payment. You may want to go to the post office and get a reloadable VISA card if you can't get a VISA debit card.

What are you willing to pay to have cash like transactions from your phone?

Edited to update current ownership and that you can use a VISA Debit card to load.

Edit #2 - remember this isn't my day job - +Rob Blaich  pointed out that a top up is processed as a purchase so you don't incur the interest charges. Yay! Rob and I sent our $2 back and forth. It was very quick with the transfer notice. Topping up was nearly instantaneous which is nice. If you have more than one payment cards, you can select your default or delete a card by sliding the card to the left, you will have the choice to delete or make default. All in all nicely done, it's just missing an extra login OR an automatic log out to keep that cash secure.

 



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