Peppermint Innovation Ltd (ASX: PIL) Signs Deal with Philippine Bank UCPB

KEY TAKEAWAYS:

  • Peppermint entered into a five-year agreement with UCPB, a banking network in the Philippines, for the rollout of Peppermint’s internet payment gateway service.
  • The new agreement between Peppermint and UCPB is in addition to an existing deal between the two companies which allows UCPB to use the main technology platform of Peppermint for a variety of financial functions such as online recharging of bill payments and telephone accounts, money transfers and mobile banking.

Peppermint Innovation (ASX: PIL) has rolled out its unique technology platform further outside Perth where it is based, by signing an agreement with UCPB, one of the largest banking networks in the Philippines. UCPB has 188 branches in the Philippines.

The company is presently focused on the development and commercialization of its mobile-phone based technology for bills payment. The newly-inked deal with UCPB will make available to Filipino users Pepper-mint’s internet payment gateway services.

“We’re extremely pleased to sign this agreement with UCPB and build on a strong relationship with one of our well-respected customers in the Philippines. This agreement demonstrates a real advance in the provision of Peppermint services to the banking sector,” Peppermint CEO Chris Kain said.

This is not, however, the first partnership between the two companies since Peppermint’s technology already powers UCPB’s online mobile banking system. The extended commercial relationship between the two companies will allow the corporate account holders of the bank to make an online payment in real time.

At present, UCPB is using the main technology platform of Peppermint for a variety of financial function such as online recharging of bill payments and telephone accounts, money transfers and mobile banking. It now expects to gain a foothold in the gateway services market which allows money t pass from one entity to another. Each transaction that passes the gateway will mean additional income for Peppermint.

“Our focus is shifting to provide key functionality for mobile banking services, and also specific payment gateway services to promote business efficiencies and consumer convenience to bank customers,” Kain said.

The internet payment gateway service would be rolled out initially to two of the largest corporate account holder of UCPB but will be made available to other corporate customers of the bank later on. All of UCPB’s online users will automatically get access to the mobile banking App through an auto-enrolment feature developed by Peppermint.The agreement between UCPB and Peppermint will run for five years.

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