Peppermint signs significant agreement with Dragonpay

Peppermint signs significant agreement with Dragonpay

Peppermint Innovation announce it has signed a significant cash-in, fund transfers and payments agreement with Dragonpay, one of the Philippines’ largest and most reliable online payment gateway platforms.

The agreement provides bizmoto agents with a one-stop payment gateway connecting the expanding bizmoto network and ecosystem of services to a significant variety of online and over the counter cash-in and payment channels throughout the Philippines.

Peppermint’s engagement with Dragonpay will allow the bizmoto platform to become a merchant within the Dragonpay platform and, consequently, provides immediate access to its massive network of banks, EMI-wallet providers and remittance/payment centres to undertake cash-in, fund transfers and payments. Essentially, Dragonpay is an aggregator of cash-in, fund transfers and payments services and will be a major enabler for bizmoto agents, riders and merchants to conduct transactions.

The Dragonpay agreement will immediately connect bizmoto to a raft of major commercial banks such as BDO, Metrobank, Unionbank, UCPB, Landbank, Bank of the Philippines, RCBC, Eastwest, AUB, Chinabank and Robinsons Bank – a task that would have taken significant time and resources to achieve individually.

Furthermore, the Dragonpay deal connects bizmoto to the established e-wallets of Paymaya, GrabPay, and CASHU, and over-the-counter pawnshops, remittance and payments centres such as Cebuana Luillhier, LBC, Bayad Center, ECpay, RD pawnshop, MLhuillier, Palawan Pawnshop, Villarica, PeraHUB, SM bills Pay, SM Savemore, Robinsons Supermarket, and PNB Global Remit.

Under the agreement with Dragonpay, bizmoto agents, merchants and bizmoGo riders will also now be able to receive payments from any customer using Dragonpay, thereby significantly expanding the digital payment options for bizmoto customers.

Peppermint does not earn direct revenue from the agreement but will earn a system fee for every transaction that is made across the bizmoto platform. The system fee is not set and varies depending on the trading exchange used. The system fee earned by the Company varies from a flat fee basis to a percentage of the transaction value. At present, the Company earns up to 6% of the transaction value on most transactions across the bizmoto platform.

This agreement is for an initial one-year term and renews automatically unless either party gives notice not to renew.

Peppermint’s Managing Director and CEO Chris Kain said, “This is a huge deal for Peppermint and will allow any bizmoto agent to immediately start collecting digital payments from any customer that is connected to Dragonpay’s extensive network of partners.

“This strengthens a bizmoto agents’ ability to provide a service and directly collect payment via digital settlement from a customer in real time, which is significant given the growing digital payment trend in the Philippines.

“Additionally, bizmoto agents, riders and merchants can now tap directly into Dragonfly’s network and use it as cash-in points. This will make the cash-in process even more convenient for our agents, riders and merchants and, therefore, should encourage them to use the bizmoto platform more frequently.

“And the more cash-in points we have, the more options for our bizmoPay borrowers to service their bizmoPay loans.

“This agreement with Dragonpay is a major milestone and significant enabler in our goal to achieve complete interoperability for bizmoto across the Philippines payments landscape.

“Our aim is to have all of the necessary technical and system integration complete to enable a first phase ‘go-live’ date in Q1 2022.”