The agreement will be for three years with automatic renewal for further years. Beyond Bank and Mint plan to launch the Beyond Bank mPOS payment system by Q1 2015. Mint will receive a revenue share of all fees, including monthly fees and transaction fees processed via the system.
The system is set to be available for all bank customers and is set to allow bank merchants to take the full spectrum of card payments, as well as EFTPOS payments on iOS or Android devices. Mint will supply the bank with its EMV level 1 Bluetooth payments device so that merchants will be able to accept APyWave, PayPass or token-based wallet payments such as Apple Pay.
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