Doesn't seem to be much interest in the whole Mastercard approval 'thing' -- need to keep in mind MIT's model does not make much money on terminals (probably enough to cover capital fee and administration)... but on the transacations. Conversion to open loop now is a "big deal".
Once complete, MGP will be only the 4th third party processor certified and approved to do business with banks in the UAE. The other 3 are Network International, Euronet International and First Data Resources.
MGP’s first customer will be Mint Middle East LLC and will process all prepaid transactions and ancillary financial products being developed and launched by MME.
In addition and at the invitation of the UAE Central Bank MGP will offer a diverse and constantly enhanced range of services and products to Banks in the UAE and eventually the GCC and , some of these products and services are as follow:
- Processing and management of credit and debit card payment products and Private Label cards.
- EMV certified Personalization Center.
- EMV Certified Issuing & Acquiring for both Card schemes.
- Multiple Currency Processing capability.
- ATM sharing services including management of client ATM Network.
- Merchant acquiring services of all major international credit and debit card products.
- Loyalty offerings for both Smart cards as well as magnetic stripe cards.
- E Commerce services.
- Reloadable general purpose Prepaid Cards.