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Peppermint Innovation launches international remittance service to India

India is the second largest global remittance market for Australia, with USD$1.9 billion transferred by Australians to India in 2017.

Total outward remittance of about US$16.88 billion from Australia in 2017

Peppermint Innovation Ltd’s (ASX:PIL) international remittance business, Bizmoto, has opened up a transfer corridor to India, the second largest global remittance market for Australia in 2017.

The activation means people living in Australia can now use Bizmoto’s online portal at www.bizmoto.com.au to send money to their family, friends or relatives in India.

Bizmoto will earn revenue by collecting a transaction fee on every money transfer.

Peppermint managing director and chief executive officer Chris Kain said: “The India remittance market is incredibly exciting for Bizmoto.

“Last year almost $1 out of every $9, measured in USD, transferred overseas by Australians flowed to India.”

Bizmoto launched its first international remittance corridor into the Philippines in early May 2018 to leverage off its burgeoning Filipino mobile-banking and payments technology platform.

READ: Peppermint Innovation begins expansion into Asian markets with Philippines partnership

According to the latest World Bank figures, Australians transferred USD$1.944 billion to India in 2017 – ranking only second to China (USD$2.922B) as the largest global remittance market for Australia.

Bizmoto will launch a marketing and awareness campaign in Australia to support and promote the opening of the international remittance money transfer service to India.

It is also working towards opening additional remittance corridors from Australia later this year.

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