Perth-based money transfer specialist Peppermint Innovation (ASX: PIL) has opened up an international remittance portal to India via its wholly-owned Bizmoto payments platform.
Bizmoto will allow the transfer of money from Australian accounts into Indian accounts, earning revenue for Peppermint by collecting a fee on every transaction up to a $7500 limit.
The launch into India follows Peppermint’s first international remittance corridor into the Phillipines in May to leverage off its burgeoning Filipino mobile-banking and payments technology platform.
Peppermint managing director Chris Kain said the company will commence a marketing and awareness campaign throughout Australia to support and promote the opening of its services to India.
“This new market is incredibly exciting for Bizmoto,” he said.
“There are excellent opportunities to secure transactional revenues from the Indian remittance market and we will now market [the service] using a range of digital and mainstream channels.”
Dollar by dollar
According to World Bank figures, Australia’s outward bound remittance market in 2017 was estimated to be around US$16.88 billion.
India was the second largest recipient of those dollars, receiving approximately US$1 out of every US$9 transferred online.
Australians sent US$1.94b to the country last year, outranked by China at US$2.92b.
Vietnam was the third largest at US$1.18b, with the United Kingdom (US$1.08b) and the Philippines (US$1.0b) ranking fourth and fifth respectively.
Peppermint is focused on the commercialisation of proprietary mobile banking, payments and remittance technology for end users including banks, mobile money operators, remittance companies, payment processors and and microfinance institutions.
Bizmoto’s maiden market was the Philippines – a country with over 100 million people and 105 million active mobile phones – with the company spending over four years developing and integrating its technology which is currently being used by three leading commercial banks.
Mr Kain said Peppermint plans to leverage its successful commercialisation strategy in the Philippines to expand its commercial presence across Asia.
At mid-afternoon trade, Peppermint shares were 11.11% higher at $0.20.