- Mint Payments (MNW) has signed a five-year supply and distribution agreement with CVFR Travel Group to deliver a co-branded payments solution
- CVFR has made a name for itself over the past 30 years with a network of over 700 travel agencies and over $600 million per annum in transactions
- Travel agents can use utilise the co-branded solution’s increased cost efficiencies, alternative payment options and customer service support
- The co-branded Mint and CVFR solution is expected to be launched across Australia in the final quarter of this year
- Mint closed 9.09 per cent in the green to trade for 1.2 cents
Mint Payments (MNW) has signed a five-year supply and distribution agreement with CVFR Travel Group to deliver a co-branded payments solution.
As announced earlier this week, the company is planning to launch new products to enable its customers to pay their suppliers. Mint also announced a potential delisting from the ASX.
The software payment company considers this to be a smart move as it has limited liquidity and trading in stock, a lack of funding and investor support, and an “undervalued” share price. Mint is confident it can pursue funding and transactions as an unlisted company, particularly in the mergers and acquisitions space.
Partnering with CVFR will cover a variety of payment types including credit card, debit card, EFTPOS, bank transfer, Foreign Exchange (FX) and virtual card payments.
CVFR has made a name for itself over the past 30 years with a network of more than 700 travel agencies and processing over $600 million per annum of payment transactions.
Mint will be CVFR’s exclusive payments partner and intends to launch further payment initiatives to enhance the customer experience.
The parties believe the integrated, Mint-CVFR co-branded solution will benefit travel agents by increased cost efficiencies, alternative payment options and premier customer service support.
“CVFR Payments won’t be just offering this solution to the CVFR Consolidation travel agents but to any agent, hotel, wholesaler, tourist attraction or any other business in the travel and tourism sector,” CVFR CEO and Managing Director Ram Chhabra said.
“Just as CVFR is a ‘one stop’ solution provider for travel, Mint is a ‘one-stop’ technology provider for all payment types,” Mint CEO Alex Teoh said.
“Continuing to deliver on Mint’s growth strategy is a key reason for the recently announced Entitlement Offer and proposed delisting which will see the company well funded with an optimised cost base,” Alex added.
Development and integration is underway and the co-branded Mint and CVFR solution is expected to be launched across Australia in the final quarter of 2020.
Mint closed 9.09 per cent in the green to trade for 1.2 cents each.