Bizmoto now serving India

| |

  • Bizmoto customers can now transfer funds from Australian accounts to bank accounts in India
  • Outbound remittances from the Australian market reached US$16.88 billion in the year 2017

 

Peppermint Innovation just launched its international remittance platform Bizmoto in India allowing customers to transfer up to AU$7500 from their Australian bank accounts to bank accounts in India. Bizmoto’s launch in the South Asian nation follows Peppermint Innovations’ launch in the Philippines in May. According to the company, their launch in the two countries was inspired by the growing mobile banking market in the region.

An incredibly exciting market

Peppermint’s managing director Chris Kain described the Indian market as “incredibly exciting”. Kain said: “There are excellent opportunities to secure transactional revenues from the Indian remittance market.”

Remittances coming from Australia reached a whopping US$16.88 billion in 2017, according to data from the World Bank, and during that year, India received a huge portion of the total amount. Australians reportedly sent US$1.94 billion in 2017.

Peppermint Innovations’ entry into India is indicative of its vision to commercialise proprietary mobile banking, cross-border payments solutions, and remittance technology. The Perth-based company’s target market includes end users such as banks, payment processors, remittance brands, mobile wallet operators, and institutions that offer microfinance services.

Peppermint in the Philippines

When Peppermint Innovations entered the Southeast Asian nation, three leading commercial banks immediately started using its payments platform, according to reports. Like in India, the Philippines has a booming mobile payments market. Kain said that the company plans to expand its reach across Asia. The Philippines also has a huge remittance market. A report by the Philippine Daily Inquirer notes that foreign currency remittances continues to grow based on data from the country’s central bank.

Get daily updates about international money transfers and cross-border payments by following this link.


Andrea Barnes
Editor
Andrea is Communications Manager at FXcompared. Prior to joining FXcompared, she worked as a communications consultant for companies seeking guidance with their social media, marketing and digital… Read more

Most Read

Use Our Currency Comparison Tool

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.