- Peppermint Innovation (PIL) has signed a merchant biller agreement with the Philippine’s leading micro-financial services provider
- The deal with Cebuana Lhuillier will allow bizmoto users to cash in money and top up their mobile wallet at any of the partner’s 2500 stores
- In return, Cebuana will earn a fee each time a user tops up, while PIL is set to earn a fee each time a user makes a transfer on bizmoto
- This is the second agreement Peppermint has signed with Cebuana, following the two companies agreeing to team up on PIL’s bizmoProtect insurance product
- Today’s agreement also further extends PIL’s reach in the Philippines, after the fintech stock signed an agreement with the Bank of Philippine Island
- Shares in Peppermint Innovations are trading steady at 3.4 cents
Peppermint Innovation (PIL) has signed a merchant biller agreement with the Philippine’s leading micro-financial services provider.
The deal with Cebuana Lhuillier will allow PIL’s bizmoto users to cash in money and top up their mobile wallet at any one of the partner’s 2500 shop fronts and accredited stores.
In return, Cebuana will earn a fee each time a user tops up while Peppermint is set to earn a fee each time a user makes a transfer on bizmoto — the company’s mobile banking product.
This is the second agreement the fintech stock has signed with Cebuana, with the two companies agreeing to team up on PIL’s bizmoProtect insurance product.
Additionally, today’s agreement also further extends PIL’s reach in the Philippines, after the company signed an agreement with the Bank of Philippine Island last month.
Under this application programming interface agreement, Peppermint’s bizmoto platform is being integrated with the bank’s systems and protocols.
“This agreement with Cebuana significantly increases our geographic spread for ‘cash-in’ points for our bizmoto agents, making it convenient and more accessible for our bizmoto agents to ‘cash-in’ to their mobile wallets,” PIL CEO Chris Kain said.
“The Cebuana agreement also extends Peppermint’s business alignment and partnership with the Philippine’s largest and leading micro-financial services provider and follows our bizmoProtect distribution and micro-insurance product offering announced in early March 2021,” he added.
Peppermint Innovation shares are trading steady at 3.4 cents per share at 10:30 am AEST.