- 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.
