Peppermint launches bizmoPay commercial roll-out
Australian Stock Exchange-listed fintech Peppermint Innovation have announced the commercial launch of its bizmoPay micro-enterprise loan offering in the Philippines.
The ‘phase 1’ commercial launch of bizmoPay now allows any of bizmoto’s 56,000 agents to access any of three bizmoPay micro-loan products via its mobile App.
As of 12 October 2021, a total of 359 loans have been issued under Peppermint’s pilot bizmoPay program across the three different types of loans – Platinum Plus, Platinum and Silver – as a pre-cursor to the roll-out of its ‘phase 1’ commercial launch.
Peppermint is aiming to issue 1,000 loans to bizmoto agents during the next three-month period.
Recent analysis from the first 45 days of the pilot bizmoPay program showed, on average, loan recipients increased their transactional volume by approximately eight-times across the bizmoto ecosystem of services.
As previously reported, several agents significantly outperformed the average transactional volume during the first 45-day pilot period, including 20 agents who performed more than 50 transactions, five agents who completed more than 100 transactions and one agent who undertook more than 250 transactions.
On average, the total number of bizmoPay loan recipients completed 13 transactions during the 45-days of the bizmoPay pilot program, yielding $1.05 per day per agent in transaction value. That volume of transactions would represent an additional circa AUD$22 million per annum in revenue if extrapolated across Peppermint’s 56,000 registered bizmoto agents.
In addition, the shorter term and lower value Silver bizmoPay loan product only commenced trials in the last week of September. As such, no meaningful data has been collected for the Silver bizmoPay loans because they were only issued at the end of the pilot period.
Peppermint’s Managing Director and CEO Chris Kain said, “We are excited to be entering Phase 1 commercial roll-out of our bizmoPay micro-enterprise loan program, as we expect this simple and easy-to-use feature will be incredibly popular with many of our bizmoto agents.
“We are already witnessing strong demand for our micro-enterprise loan products, so we are confident of signing up another 1,000 loans during the next 90-day period.
“We will be supporting our commercial roll-out of the bizmoPay program with a strategic marketing campaign during the next three months targeted at our agent base.
“The digital revolution is here and bizmoto is delivering financial inclusion, providing consumer convenience and bringing economies to life by empowering the next cohort of entrepreneurs.
“The addition of an Electronic Money Issuer (EMI) licence, which is Peppermint’s next objective, will bring exponential growth.
“bizmoto will be able to facilitate any e-money transaction and service open-loop e-wallet accounts, providing Filipinos with a convenient and secure way to receive digital money and services.
“Every Filipino could then apply for a bizmoPay loan, paid directly to their bizmoto e-wallet to enable seamless transactions across the bizmoto ecosystem.”