Toronto-based financial startup nanoPay has acquired MintChip, a digital currency product created by The Royal Canadian Mint.
The Mint successfully tested MintChip in a six-month internal trial and has been granted five patents, with another five applications in process.
The platform uses secure asset stores to move funds, which can be denominated in any recognized national currency, between parties without an intermediary and can process transactions both online and offline.
The platform, which was originally designed by British cryptographer David Everett, works much like a pre-loaded credit card, with consumers able to deposit value on their MintChip wallet from their bank account or credit card.
Consumers could use the platform with a mobile device at a cash register or send money with a text message, email or potentially a social media message.
nanoPay, which developed a mobile-payment offering that is similar to the Apple Pay, is planning to commercialize the technology this year.
To further expand the utility and acceptance of MintChip, nanoPay is now focusing on expanding partnerships with central banks, commercial banks, telcos, acquirers, retailers, as well as developers and POS providers.