Peppermint Innovation Ltd (ASX:PIL) has signed a commercial agreement with the largest bill payment aggregator in the Philippines - CIS BAYAD CENTER (CBCI), to provide a mobile payment option to its customers.
CBCI runs a payment collection service for the public related to utilities, telecommunications, cable TV, electronic wallet, credit card and other services.
The ‘Peppermint Payment Collection Solution’ will be the first mobile application used by CBCI for the payment of bills.
Peppermint Innovation has a business model in developing countries to provide an mobile fund remittance and payments application for the millions of people not currently linked to traditional banks.
With 75% of Filipinos without a traditional banking model in 2015 but with mobile phone penetration at 100%, the opportunity in the remittance market is significant.
Money transfers for these people are currently done manually in Philippines, with third parties charging up to 9% to transfer funds. Peppermint's platform charges about 2.5-3%.
The company generated revenues of $152,000 in the March 2016 quarter, executing about 1.13 million transactions per month in the Philippines.
Peppermint Innovation joined ASX’s fintech sector in November 2015 following a successful $3.87 million capital raising.
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