Peppermint Innovation Ltd (ASX:PIL) has signed a key agreement with Philippines based United Coconut Planters Bank (UCPB) to roll out internet payment gateway (IPG) services in the Philippines.
The company raised $1 million earlier this month to support the rollout of its mobile banking platform for the unbanked in the Philippines.
The new IPG services will be powered by the Peppermint payment gateway platform.
Importantly, the new agreement will be in place for an initial five-year period and Peppermint will generate a fee each time a transaction or payment is processed using the IPG.
Initially, the IPG will be rolled out with two UCPB corporate account holders who will test it by making the IPG available to their customers, allowing them to make payments or transact online.
Peppermint’s mobile banking, payments and remittance technologies are designed for banks, mobile money operators, money transfer and funds remittance companies and payment processors.
Its MyWeps app is expected to allow the large unbanked Filipino population to pay bills and transfer funds by giving cash to a mobile agent armed with a mobile phone and the MyWeps App.
Peppermint’s share price increased circa 67% in the last three months and closed at $0.015 on Thursday.