Australia’s Peppermint Innovation (PIL) has signed a merchant biller agreement with Cebuana Lhuillier of the Philippines according to the media. The deal with the Philippines’s leading micro-financial service provider will allow PIL’s bizmoto, the company’s mobile banking product users to cash in money and recharge their mobile wallet at the 2,500 available shop fronts and accredited stores of the partner. In return, Cebuana is agreed to earn a fee every time a user tops up while PIL is set to earn a fee each time a user makes a transfer on bizmoto.
The recent deal is the second agreement the fintech stock has signed with Cebuana. The two companies have agreed to team up on PIL’s bizmoProtect insurance product. Additionally, the agreement also states that PIL’s growth in the Philippines after it signed an agreement with the Bank of Philippine Island in the previous month.
Chris Kain, chief executive officer of PIL addressed the media and said, ”This agreement with Cebuana significantly increases our geographic spread for ‘cash-in’ points for our bizmoto agents, making it convenient and more accessible for our bizmoto agents to ‘cash-in’ to their mobile wallets.” Bizmoto platform of PIL is expected to be integrated with the bank’s systems and protocols after this agreement.
He further added that the Cebuana agreement will be helping PIL’s business alignment and partnership with the country’s largest and leading micro-financial services provider and follows their bizmoProtect distribution and micro-insurance product offering announced earlier in March 2021. It is to note that PIL paid a compensation that is close to the median pay for the CEOs of companies belonging to the same industry and with similar market capitalizations.