Australian fintech company Peppermint Innovation has been granted approval to run a pilot of its mobile payments technology in the Philippines by the country’s central bank to provide payment services to those who do not have bank accounts. Approximately 75 million people in the Philippines fall into this category.
The technology that the Australian firm has developed will let Filipinos remit funds without an over-the-counter transaction. An agent who has the necessary technology on a phone will visit a consumer who wants to do a transaction, rather than the consumer having to locate, and travel to, a bank or transaction firm.
The Philippines consists of more than 700 islands and this makes the question of travel by its residents to a financial institution even more of a hassle.
The system being tested is called MyWeps Mobile Agent Remittance and it uses Peppermint’s mobile remittance technology. The agent network that will use it is called 1Bro Global. More than 500 agents will take part in the pilot.
The pilot is an initiative in support of the National Strategy on Financial Inclusion, which aims to provide financial services to those without bank accounts in the country.
Peppermint Innovation chief executive Chris Kain said, “MyWeps, one of our valued local partners in the Philippines, receiving approval from the BSP to commence this mobile remittance pilot is a significant milestone for Peppermint. It is another significant step along the path to commercialise our purpose built Mobile Agent Payments and Remittance Platform which will provide convenient and simple financial services to many Filipinos. The pilot will be the first of its kind, and we believe it supports the National Strategy on Financial Inclusion which has a key focus of providing services to the unbanked.”