13°c Overcast
Winnipeg Free Press - PRINT EDITION
MintChip touted as 'the evolution of currency'
ON the cusp of the post-penny age, the Royal Canadian Mint is preparing to launch a digital alternative to all coinage and small bank notes -- dubbed "MintChip" -- which it hails as the natural next step in the "evolution of currency."
The concept was quietly introduced on Wednesday when the Ottawa-based Crown corporation activated a website outlining its vision for the future of MintChip -- described as "better than cash" and "so easy even a child can use it" -- and invited software developers to begin imagining different ways the technology could be employed.
In fact, the mint is offering $50,000 in an old-fashioned currency -- gold -- to winners of a contest aimed at developing smartphone apps and other ways of demonstrating MintChip's benefits as a payment system for consumers.
And Marc Brule, the mint's chief financial officer, is scheduled to provide details about the MintChip initiative at a speech in Toronto later this month during the Forum on Canadian Payment Innovations, sponsored by the Canadian Institute business think-tank.
The contest "is a way for us to enlist software developers in creating proofs-of-concept highlighting the potential advantages of such a technology," Christine Aquino, the mint's director of communications, told Postmedia News on Thursday.
The mint states at the MintChip website it has developed prototypes and has five patents pending on "innovative technology" underlying the cashless payment system.
The "virtual" currency would, however, have physical forms, including microSD cards and USB sticks -- the flash drives used to transfer files between computers.
"The easiest way to describe it is that it's a small chip like you would find in your phone," said Aquino, describing the project as "part of the mint's ongoing research and development efforts."
The federal agency says the MintChip "could become the digital equivalent of the coins we use every day," but also suggests cash transactions using $5 or $10 bills could also be replaced by the system.
-- Postmedia News
Republished from the Winnipeg Free Press print edition April 7, 2012 B7
More Business
- Back to Top
- Return to Business
More Business
(1 of 10 articles for today)
Federal government looks to snag corporate sponsors for Ottawa events
6:01 AM 0OTTAWA - McDonald's golden arches on Parliament Hill? Tim Horton's billboards at the Governor General's residence?
Nothing quite so crass is ...
Poll
Most Popular Business
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Value Partners cracks $1-B mark in assets
- Changes to CPP rules worth looking into
- Canada threatens 'retaliatory measures' over new US meat labeling regulations
- New owner for lumber stores
- Even a nine-year-old grills McDonald's CEO over menu
- Manitoba housing affordability deteriorates
- Wealth survey indicates average person has $6.6K
- Creative industries can fuel a city's economic engine
- Canada gets tablet
- New owner for lumber stores
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Value Partners cracks $1-B mark in assets
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- City to get a touch of glass
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Value Partners cracks $1-B mark in assets
- Changes to CPP rules worth looking into
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Manitoba farm land values increased by an average of 4.3 per cent in 2011
- She's got entrepreneurial spirit
- Valeant shares soar amid report drug firm near $9B deal to buy Bausch and Lomb
- Thorough record-keeping key to power of attorney
- Will, power of attorney are different documents
- Genivar says ethical lapses have hurt employee morale; unveils growth plan
- The Galapagos to be just a click away: Google photographs famous islands for Street View
- New owner for lumber stores
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Ex-'Pegger seeks to grow local businesses
- Changes to CPP rules worth looking into
- Bridging the gap
- Developers to unveil plans for bold downtown tower
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Value Partners cracks $1-B mark in assets
- Local boy leads Great-West
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.