Peppermint Innovation Ltd (ASX: PIL) has signed a bill payment agreement with one of the Philippines leading financial service providers, PayMaya Philippines, Inc., to make it easier for bizmoto agents to ‘top-up’ or ‘cash-in’ to their bizmoto mobile wallets.
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 55,000 ‘Smart Padala’ agents and pay them to digitally transfer cash to their bizmoto wallet.
Currently, PayMaya has 26 million registered users throughout the Philippines and a network of 55,000 ‘Smart Padala’ agents across the country that serve as last-mile financial hubs in communities across the country.
Peppermint will not charge a fee for this service to encourage ‘cash-in’ transactions to bizmoto wallet holders and, subsequently, to promote greater transactions across the bizmoto platform.
Peppermint will earn a system fee for every transaction that is made across the bizmoto platform. The system fee is not set and varies depending on the trading exchange used. The system fee earned by the Company varies from a flat fee basis to a percentage of the transaction value. At present, the Company earns up to 6% of the transaction value on most transactions across the bizmoto platform.
Peppermint’s Managing Director and CEO, Chris Kain, said the agreement is for an initial one-year term and renews automatically unless either party gives 30 days’ notice not to renew.
This is a good agreement for our bizmoto agents as it offers both digital and over-the-counter options for them to ‘top-up’ or cash-in’ to their bizmoto mobile wallet,” Mr Kain said.
“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.
“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.
“While the agreement is ‘one-way’ at present, it does open up the possibilities for bizmoto and PayMaya to collaborate further and empower each other to achieve our respective corporate objectives.”