Perth-based tech company Peppermint Innovation has received a significant boost as it marches towards full commercialisation of its mobile payments technology.
The company announced yesterday it had signed a deal with burgeoning Philippines multi-level marketing distribution firm, Sante Barley.
Under the deal, Sante Barley's 200,000 strong network of agents will be able to accept money from their own networks of people and customers who wish to pay their household bills, transfer money to others or even load up some mobile phone air time. Sante Barley agents will use Peppermint's proprietary, non-bank, mobile payments and remittance technology to do this and both Sante Barley and Peppermint will share a fee each time a transaction takes place.
The agreement means Peppermint’s non-bank technology platform, which takes the form of a mobile phone App, will be rolled out to Sante Barley’s rapidly expanding network of 200,000 agents who currently distribute wellness products to their own local networks. The Peppermint deal will represent a value adding commercial opportunity for Sante Barley's multi-level marketing business partners who are already commercially active in a number of areas.
Peppermint’s APP, which will perform the financial transactions in the background is aimed at the tens of millions of Filipinos who still don’t operate a bank account but who still want to make convenient bill payments without physically driving across town.
Peppermint CEO Chris Kain said: “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.”
“It is a huge boost on the path to full scale commercial adoption of our purpose built non-bank mobile payments and remittance platform.”
This week, the Perth-headquartered tech company also executed a strategic placement of shares worth $1 million at $0.02 a share with an Australian special purpose investment vehicle to support the rollout of its technology payments solution.
The deal was done at double the market price of Peppermint shares at the time.
