News and Announcements
Peppermint Innovation Signs Deal With Sante Barley
- Published September 11, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Perth-based Technology company Peppermint recently signed a deal with Sante Barley, a wellness distributorship company based in the Philippines
- The deal allows Sante Barley’s 200,000 network of agents to use Peppermint’s mobile phone App for a variety of financial transactions
- Peppermint’s technology is expected to promote financial inclusion among a huge sector in the Philippines that still do not have a bank account
Peppermint Innovation Limited (ASX: PIL), a Perth-based technology company, recently signed a deal with Sante Barley, a Philippine multi-level marketing distribution company. The deal will allow the latter’s agents to make use of mobile payment technology.
“This agreement represents a great opportunity for our company to significantly bolster the position with our partners in the Philippines as the provider of choice for mobile financial services to the non-bank sector,” Peppermint CEO Chris Kain said. “It is a huge boost on the path to full-scale commercial adoption of our purpose built non-bank mobile payments and remittance platform.”
Peppermint Innovation Limited is engaged in the development and commercialization of mobile phone applications geared towards financial inclusion among those who have not established bank accounts. It has developed a mobile App that provides a payment technology specifically designed for credit card companies, remittance companies, banks and payment processors.
Sante Barley, on the other hand, is practically a young company founded in 2008 but has established itself as a fast-growing distributor of wellness products with the aim of improving its customers’ health and quality of life.
Using Peppermint’s non-bank technology, the 200,000 agents of Sante Barley will be able to process monetary transactions with their own customer network. The transactions can range from simple payment of household bills to money transfers and even mobile phone loading. The deal is expected to be beneficial for both companies given the millions of phones used in the Philippines. Both companies will share a fee every time Peppermint’s mobile phone App is used.
Aside from making transactions easier for Sante Barley agents and their customers, the deal will also provide value added to its multi-level marketing business. Peppermint’s mobile App targets millions of Filipino consumers who do not have bank accounts yet but want more convenience in their transactions.
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