ASX-listed fintech Peppermint Innovation has begun full-scale commercial production of its mobile payment platform APP with SANTE Barley, one of the fast-growing distribution networks in the Philippines, with investors welcoming the news.
‘League Pay’ – the mobile phone APP developed by Peppermint for SANTE Barley – will be available this week for use by SANTE Barley’s network of direct members, business partners and business branches to accept money from their customers who want to pay their household bills, buy eLoad (mobile phone air time) and, pending appropriate regulatory approval, provide mobile money transfer or remittance services.
The stock (ASX:PIL) was trading 0.2c or 9.5%, higher at 2.3c on the news in morning trade on Thursday.
Peppermint Innovation’s Managing Director and CEO Chris Kain said full-scale commercialisation of the League Pay APP with SANTE Barley would significantly contribute to the company’s short-term goal of doubling company revenue in the next 12 months and its longer-term goal of achieving AUD$50 million consolidated revenue over the next four years.
“Reaching full-scale commercial production with SANTE Barley is a significant milestone for the company,” Mr Kain said.
“Our pilot testing with SANTE Barley over the last four to five weeks has proved seamless and it’s a fantastic achievement for our whole Peppermint team – and our valued shareholders – that we’ve flicked the switch on full-scale commercial operations this week.
Peppermint is now focussed on rolling out our ‘League Pay’ APP to SANTE Barley’s 200,000 strong network of direct members, business partners and business branches over the next four years.”
SANTE Barley CEO Joey Marcelo said the ‘League Pay’ APP would now give SANTE Barley’s customers the convenience to pay their household bills and to also purchase mobile air time from any one of their 200,000 plus business partners.
“At present, millions of Filipinos receive their weekly wage in cash however, only about 30 per cent of Filipinos operate a bank account,” Mr Marcelo said.
“Consequently, they are forced to physically pay their bills in cash, causing them to travel great distances across town to ensure all of their household bills are paid.
“Peppermint’s payment and remittance platform is ultimately designed to make life easier for Filipinos by offering secure and convenient money transfers, eLoad purchases (mobile phone air time) and bill payment services that are easily accessible to Filipino people.”
Performance targets have been set to progressively roll out the League Pay APP to SANTE Barley’s 200,000 plus business network throughout the Philippines.
Under the terms of the contract, Peppermint Innovation and SANTE Barley will share a fee each time a transaction takes place.
Peppermint Innovation is focused on the commercialisation of the Peppermint Platform, a mobile banking, payments and remittance technology designed for banks, mobile money operators, credit card companies and microfinance institutions.
Peppermint Platform currently operates in the Philippines.
