- Peppermint Innovation (PIL) signs a bill payment agreement with one of the Philippines’ leading financial service providers
- PayMaya Philippines Inc has teamed up with Peppermint to allow bizmoto agents with a PayMaya account to transfer funds directly from their PayMaya account to their bizmoto wallet
- Peppermint says it will not charge a fee for this service to encourage “cash-in” transactions to bizmoto wallet holders, but will earn a fee for every transaction made
- The agreement is for an initial one-year term and renews automatically unless either party gives 30 days notice not to renew, with a go live date scheduled for Q2 2022
- PIL shares flat at 1.3 cents
Peppermint Innovation (PIL) has signed a bill payment agreement with one of the Philippines’ leading financial service providers, PayMaya Philippines.
Peppermint said the tie-up with PayMaya will make it easier for bizmoto agents to “top up” or “cash in” to their bizmoto wallets.
bizmoto is classified as a “biller” on the PayMaya technology platform.
PayMaya has 26 million registered users throughout the Philippines and a network of 55,000 “Smart Padala” agents who serve as last-mile financial hubs in communities across the country.
Under the agreement, bizmoto agents with a PayMaya account will be able to transfer funds directly from their PayMaya account to their bizmoto wallet. Alternatively, a bizmoto agent without a PayMaya account will be able to go into any of PayMaya’s Smart Padala agents and pay them to digitally transfer cash to their bizmoto wallet.
Peppermint said it will not charge a fee for the service in order to encourage cash-in transactions to bizmoto wallet holders and promote greater transactions across the bizmoto platform.
Peppermint will earn a system fee for every transaction made across the bizmoto platform. The company currently earns up to 6 per cent of the transaction value on most transactions on the bizmoto platform.
The PayMaya agreement is for an initial one-year term and renews automatically unless either party gives 30 days notice not to renew.
“For Peppermint, this is yet another step in trying to integrate and become completely interoperable with the payments landscape in the Philippines and, most importantly, make the process for our bizmoto agents to cash in to their bizmoto wallet as frictionless and seamless as possible,” Managing Director and CEO Chris Kain said.
“Our aim is to have all the necessary technical and system integration complete to enable a first-phase ‘go-live’ date in Q2 this year.”
PIL shares were steady at 1.3 cents at 12:11 pm AEDT.