Carta Expands Into Middle East

In Mobile Solutions, Press Releases by Carta Worldwide

Carta Worldwide, a leader in payment processing technology, announced a successful agreement with international payment service provider Mint Technology Corp, for delivery of Carta processing solutions to support Mint operations in the Middle East.

 

With the contracts, Mint will leverage Carta’s advanced processing platform, including card management systems and ATM monitoring technologies to pursue strategic payment opportunities in the Gulf region, with an initial deployment in UAE and Saudi Arabia.

With this agreement, Carta will become the processor for 220,000 payroll prepaid cards that is expected to grow to over 600,000 cards within 12 months.

The agreement will allow Carta to have HSBC as a bank sponsor for the companies products and services. Further, Carta will become one of the largest processors of payroll cards in the Middle East.

The two-part agreement will enable both companies to leverage technology and operational strengths to engage in immediate business opportunities in UAE and Saudi Arabia, while establishing a strong framework to expand operations throughout the Gulf countries and capitalize on the growing regional market.

Brian Semkiw, CEO and Chairman of the Board of Carta said today “With the completion of these agreements today, Carta and Mint have formed a strong partnership, creating a financial and technology alliance that will provide Carta an immediate foundation for a successful business in the Middle East that will ultimately create significant value for both organizations.”

Accompanying the operational contract, Carta has committed to acquire an equity interest in its customer Mint Technology Corporation. The investment will be in the form of 4,400,000 units at $0.125 per unit, with each unit representing one common share plus received one half warrant exercisable by April 30, 2012 at a price of $0.15.