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- Peppermint Innovation (PIL) signs a cash deposit acceptance agreement with electronic payment provider Electronic Commerce payments (ECPay)
- ECPay is the Philippines biggest third-party electronic payment provider with more than 13,000 partner outlets and stores including 7-Eleven
- This agreement allows ECPay’s partner outlets to instantly top-up their mobile wallets under Peppermint’s bizmoto brand
- The agreement will run for two years and implementation planning has begun with a go-live date estimated for Q3 2021
- Peppermint is up 11.8 per cent on the market with shares trading at 1.9 cents at 10:31 am AEST
Peppermint Innovation (PIL) has signed a cash deposit acceptance agreement with electronic payment provider Electronic Commerce payments (ECPay).
ECPay is the Philippines biggest third-party electronic payment provider with more than 13,000 partner outlets and stores including 7-Eleven, NCCC Supermarkets and Global Access.
Under Peppermint’s bizmoto brand, ECPay’s partner outlets will be able to instantly top-up their mobile wallets.
Additionally, a bizmoto agent can go into any ECPay store, choose to pay bizmoto to top up their wallet and their cash-in funds will be instantly credited to their bizmoto wallet.
While it is not set yet and will vary depending on the trading exchange used, Peppermint will earn a system fee for every transaction made across bizmoto.
Currently, Peppermint earns up to six per cent of the transaction value on most transactions on the bizmoto platform.
The agreement will run for two years and will renew automatically unless either party gives 30 days’ notice to renew.
Implementation planning has begun with a go-live date estimated for Q3 2021.
“This agreement with ECPay dramatically expands the number of cash-in locations nationwide that we’re now able to provide,” CEO and Managing Director Chris Kain said.
“Any bizmoto agent located from Luzon to Visayas and down to Mindanao can now physically go to an ECPay point in any one of the 80+ provinces in the Philippines to cash-in and top-up their mobile wallet.
“Our goal has always been to integrate our bizmoto platform into the established Philippines payments industry and the ECPay agreement is a massive ‘brick in the road’ as we build out our bizmoto ecosystem.”
Peppermint was up 11.8 per cent on the market with shares trading at 1.9 cents at 10:31 am AEST.
