Bizmopay is not for consumer lifestyle loans so Christmas will have no bearing on loan volume. The loans will be available only to registered agents to enable them to instantly process bill payments on behalf of their bill paying customers.
Bizmoto agents receive cash from their customers and, in that moment, ie before that cash can hit a bank account, the agent must process the bill payment with the telco or power company etc. Until now, many agents have not had a free float in their e-wallet to enable those bill payment to be funded prior to the cash received being banked.
That's where bizmopay comes in. Each agent will have a stand-by loan facility of the PHP equivalent of $A13.50. If they hit that limit they will need to visit a cash-in centre before transacting more bill payments. Hence, bad debts will be very low.
Loans will be outstanding for a matter of only a few hours and interest will be charged, I expect, on an hourly basis. The interest rate will be quite high given the short term of each loan.
Agents that participated in the bizmopay pilot increased their transaction volume eight-fold so we can now expect explosive growth in revenue and strong loan interest earnings.
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