Peppermint Innovations (ASX: PIL) Facilitates Mobile Payment in Philippines through Bizmoto

KEY TAKEAWAYS:

• Australian-based Peppermint launched a direct selling network in Philippines on 21 May, 2018, wherein it intends to deploy  Bizmoto through a vast network of direct selling agents.
• Operating in a country wherein majority of people still rely on cash transactions,
  Peppermint hopes that its agents would penetrate the various segments and educate
  people as regards the benefits of using the app for financial transactions.
• Chris Kain, MD and CEO of Peppermint, claimed that this initiative was an excellent
  opportunity for technology driven youngsters to earn well while puching lucrative products and services.

Australian-based Peppermint Innovations (ASX: PIL) launched a direct selling network in Philippines on 21 May, 2018, named Bizmoto, which would not just facilitate money transfer but also enable mobile banking and payment of bills. As a part of this initiative, Peppermint has been hiring local Filipinos to act as agents for Bizmoto and create awareness among the local population about the services being offered.

So far around a 100 agents have been hired for the purpose and are being trained by Peppermint to act as salespersons for this non-banking platform and use the Bizmoto app for conducting financial transactions. As per the modus operandi, Bizmoto agents would be granted the flexibility to interact with customers wherever they feel convenient, like home, work-place, public area and so on, and teach them how to use the app.

Given that majority of population in Philippines does not have a bank account and is still dependent on cash transactions, even if it means traveling great distances to pay bills, Peppermint hopes that its agents will be able to penetrate the various segments and significantly expand user base. The reason why Peppermint opted for a direct selling model is owing to the fact that such networks have been particularly successful in Philippines, with some boasting of more than 2 million agents.

Managing Director of Peppermint, Chris Kain, claimed that the company hoped to make a
difference by providing the young and technologically driven youngsters an opportunity to earn well while enabling the local population to progress. He felt that Bizmoto had the potential to develop such an opportunity wherein the agent base could push lucrative products and services and benefit all parties concerned.

About Peppermint Innovations (ASX: PIL)

Peppermint Innovation Limited operates an established mobile phone based banking, payments and remittance platform in the Philippines.

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