Sussex, United Kingdom – 18th January 2016
The Royal Canadian Mint has announced the sale of MintChip, a digital cash system architected by UK security specialist and CEO of Microexpert Limited, Dr David Everett. The electronic cash technology was sold to Loyalty Pays Holdings Corporation – a wholly owned subsidiary of nanoPay Inc., a Canadian integrated loyalty and payments platform provider.
“The sale of this technology shows that there is a future for electronic cash and that UK companies can be an integral part of this payment revolution. Since the inception of Mondex in the UK during the 1990’s, cash being available in an electronic format has been a long held dream of mine,” said Dr Everett. “UK companies have a solid foundation in payment security technology and during the past 20 years there has been a surge in tools that can enable the global use of digital cash such as secure transactions within the cloud and increased users of mobile phones.”
MintChip makes the exchange of value faster, safer and cheaper than other payment methods currently available. Transactions are very secure due to the security control designed by Dr Everett. “Cybercrime is inevitable in this day and age and criminals will go where the cash is. The Royal Canadian Mint brought me on board to look at the future of electronic cash given this new background. My passion for electronic cash alongside my experience in digital security meant that the MintChip team could develop a system with the characteristics of cash alongside top level security.”
MintChip will be commercially deployed during the coming weeks suggesting that the business world is finally ready for the practical use of digital cash. “People weren’t ready for a new form of cash during the Mondex days. It was a difficult concept for customers to understand but now that people are more open to different ways of paying, electronic cash will make more sense. It is simply cash but in a different form factor and more secure. I’m certain that electronic cash is here to stay.”
Dr David Everett is the CEO of Microexpert which provides consultancy services in electronic payment and transaction systems. The company has been advising clients on electronic payments for over 30 years.
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