Peppermint Innovation Limited (ASX: PIL) today announced that its international remittance business, Bizmoto has opened up a transfer corridor to India to increase its revenue by collecting a transaction fee on every money transfer.
This activation opens doors for people living in Australia to send money across India using Bizmoto’s online international remittance portal.
India ranks second to China as largest global remittance market for Australia. According to the most updated World Bank data Australians have transferred USD$1.944 billion to India in 2017
Commenting on the opening of Bizmoto’s transfer corridor to India, Peppermint’s Managing Director and CEO Chris Kain said: “The India remittance market is incredibly exciting for Bizmoto. Last year almost $1 out of every $9, measured in USD, transferred overseas by Australians flowed to India.”
Opening of Indian corridor follows launch of Philippines corridor in May and the company is further working to ‘open’ other key remittance corridors from Australia.
Bizmoto is expected to launch marketing and awareness campaign in promotion of the new international remittance money transfer service to India. The outward bound remittance market from Australia was estimated by the World Bank to be USD$ 16.888 billion in 2017.
With this announcement, Peppermint’s share price surged up 5.556% to $0.019 on 13 September 2018 (7:40 PM AEST).
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