CARMEL BY THE SEA, Calif., Sept. 12, 2022 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a fintech provider of digital payment solutions for both business owners and consumers, today announced that it has completed key integration of its IPSIPay mobile application and payment processing infrastructure through its business partners.
This major achievement allows IPSIPay users to easily transfer money and make payments through the IPSIPay application on five continents for reception in more than 215,000 payment points and accelerates the full commercial launch of IPSIPay which started earlier this year.
This milestone follows IPSI’s recent receipt of approval from the State of California to send funds worldwide, which was the only state in the continental United States for which IPSI was still awaiting approval. . California’s endorsement is of particular significance, as California is the largest state in the United States with annual remittances to Mexico valued at $16.3 billion according to the Wilson Center, representing more than one-third of all remittances sent to Mexico from the United States. According to data from Trading Economics on remittances, the total Mexican remittance market for the past year exceeded $55 billion. IPSIPay’s commercial launch strategy for IPSIPay includes targeting the unbanked and underserved migrant community in California and beyond.
Additionally, these events reinforce the ability for IPSIPay users anywhere in the continental United States to easily send money from the IPSIPay app directly to Mexico, or load a VISA card associated with that account. . This VISA card can then be used at no additional cost by the cardholder anywhere VISA is accepted, including ATM withdrawals for a transaction fee.
Once these key developments have been made, IPSI now plans to expand its existing marketing programs for IPSIPay to increase downloads and the number of regular users of the application, all with the aim of driving revenue growth. ‘IPSIPay.
William Corbett, President and CEO of IPSI, said: “Our company has reached crucial milestones as these developments accelerate the full commercial launch of IPSIPay, which now enables users of our IPSIPay app to easily send silver not just in Mexico, but across five continents, greatly expanding our addressable market. Additionally, approval in our key market of California enables the unbanked and underserved population in California – as well as those across the continental United States – to send remittances to their families in Mexico, while enabling also recipients to instantly access cash via IPSIPay VISA card at any location that accepts VISA, including ATMs, to withdraw cash.
“Over the past year, we have made significant progress in preparing our remittance solutions through our back-end partners to meet the needs of the unbanked and underserved. At the start of this year, we launched the IPSIPay app which allows users to send funds to Mexico directly through their phone.Through various collaborations, we have also ensured the possibility for our app users to obtain a VISA debit card, their providing access to funds through ATMs anywhere in the world where VISA is accepted. Most recently, we have entered into a collaboration with DRUID, a provider of conversational AI technology, which we hope will improve the IPSIPay user experience using voice commands to perform transactions and various other functions.
“With the largest state in the country now authorized to send remittances to Mexico, our robust app and infrastructure puts us in a strong position to aggressively bring users to our platform. In addition to completing of California endorsement and global integration, we recently signed an exclusive endorsement deal with TV personality, actor, and humanitarian Mario Lopez to help us raise awareness in the Latino community while launching a digital marketing campaign.
“While our primary focus is the unbanked and underserved, our capabilities and technologies provide a competitive platform that is convenient, cost-effective, fast and secure, resulting in competitive money transfer that can be used We are in the early stages of providing additional offers to the unbanked and underserved through our platform that are currently unavailable, as well as our competitive money transfer solution to the population With these milestones achieved, we look forward to growing our business and delivering value to our shareholders,” concluded Mr. Corbett.
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. (OTCQB:IPSI) is a leading provider of digital payment solutions for consumers and service providers, focused on the needs of the unbanked and underbanked. Through its IPSIPay™ app and Beyond Wallet offerings, IPSI facilitates instant cross-border remittances by businesses and individuals, using its robust technology platform to enable convenient, cost-effective, fast and secure digital transactions. Users of the IPSIPay™ app can acquire VISA debit cards, as well as obtain a bank account at a major US institution, allowing them to execute financial transactions through the company’s extensive global merchant network.
To learn more about Innovative Payment Solutions, Inc., please visit ipsipay.com.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 made by management of the Company and business associates of the Company. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some instances, forward-looking statements may be identified by terms such as “anticipate”, “believe”, “could”, “continue”, “could”, “estimate”, “expect”, “have the intention to”, “may”, “plan”, “potential”, “predict”, “project”, “should” or “will” or the negative of these terms or any other comparable terminology. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to important risks and uncertainties, many of which are difficult to predict, which could cause actual results to differ materially and adversely from current expectations and assumptions. of those expressed or implied by any forward-looking statement. Important factors that could cause actual results to differ materially from current expectations include, among others: (i) the Company’s ability to successfully deploy the IPSIPay application and related features, such as the Druid offering; (ii) the Company’s ability to increase its number of users; (iii) the Company’s ability to operate its platform without errors; (iv) the Company’s ability to exploit its technology for use in all US states and foreign countries; (v) the Company’s ability to generate revenue, positive cash flow or profitability; (vi) the duration and extent of the COVID-19 pandemic worldwide (which has delayed the launch of IPSIPay), including the impact on the economy in California and Mexico; and (vii) the other factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information contained in this press release is provided only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise, except as required by law.
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