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January 14, 2014updated 04 Apr 2017 4:09pm

Royal Canadian Mint to unveil new digital currency system

Royal Canadian Mint is set to unveil its new digital currency system, designed to serve as a digital replacement for pocket change.

By Verdict Staff

Royal Canadian Mint is set to unveil its new digital currency system, designed to serve as a digital replacement for pocket change.

Called MintChip, the new system is being designed to allow consumers to digitally exchange money in small denominations, in transactions of about $10 or less.

MintChip, which was first introduced in 2012, has evolved by partnering with a retail point-of-sale (POS) terminal made by Paris-based Ingenico.

The Ingenico software will allow mobile devices with MintChip accounts to send small amounts of digital currency to POS terminals using near field communications.

Additionally, consumers can use MintChip with a mobile device at a cash register or send money with a text message, email or potentially a social media message.

Royal Canadian Mint chief emerging payments officer, Marc Brule, said: "The transaction is very cash like. The value is transferred instantaneously and securely from one account to another."

Brule added that no third party will be involved and no personal information will be used in the transaction with MintChip.

Furthermore, MintChip limits the funds that can be transferred and imposes a cap on how much amount can be in a MintChip account at any time.

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