IPSI reports fourth quarter 2022 growth in IPSIPay downloads and active users
New initiatives for 2023 seek to drive revenue growth and shareholder value
CARMEL BY THE SEA, Calif., Jan. 19, 2023 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB:IPSI) (“IPSI” or the “Company”), a fintech provider of digital payment and other solutions to both consumers and businesses, today has provided shareholders with an update on its corporate accomplishments and business development plans in a shareholder letter from Chairman of the Board and Chief Executive Officer William Corbett.
Dear Fellow Shareholders:
On behalf of our entire organization, we hope you had an enjoyable holiday season and are off to a healthy, happy and successful New Year!
2022 Sets the Stage for the Future of IPSI
2022 was a year of many significant milestones for Innovative Payment Solutions, as we worked to set the stage to meet our key corporate objectives – driving revenue and shareholder value growth.
Most importantly, we launched our IPSIPay® and Beyond Wallet apps and are beginning to see customer downloads and usage, notable with IPSIPay. Our cutting-edge apps provide safe, secure, and convenient ways to send money around the world, with our IPSIPay launch strategy initially focusing on the underbanked and underserved immigrant communities in the United States. Leveraging our robust technology infrastructure developed with third party vendors, these two novel platforms allow us to incorporate stringent compliance features (including KYC (know your customer) and AML (anti-money laundering)) for onboarding of customers. This has enabled us to partner during 2022 with key third parties that drive the core functionality of our apps and has also allowed us to begin to expand our product offerings beyond money remittance into exciting other verticals.
- Our collaboration with Metropolitan Bank in New York City enables us to issue debit Visa cards to our customers with 5 companion cards for family members. This allows them to send money from their digital wallet to debit Visa cards for free, giving them access to their money wherever Visa is accepted around the world, including ATM’s.
- In September, we announced the completion of the full integration of IPSIPay with key back-end payment processing infrastructure through our commercial partners. This major achievement allows IPSIPay users the ability to easily transfer money and make payments through the IPSIPay app throughout all 50 U.S. states (including our core market in California) as well as five continents for receipt at more than 215,000 payment locations.
- The upcoming addition of Druid Artificial Intelligence technology through a collaboration we announced in August will allow us to save money and better address customer service while making it easier to use our app with voice and retina recognition.
- Our collaboration with Walmart Health Virtual Care (formally known as MeMD),which we announced in October, is an example of a value-added product that allows our customers to have access to telemedicine via IPSIPay.
- Also, I am pleased to announce that we have initiated e-commerce collaborations that will grant IPSIPay users with access to providers like Best Buy and Groupon.
To drive our IPSIPay marketing strategy, in July IPSI entered into an agreement with the host of NBC’s award-winning Access Hollywood, producer, and actor Mario Lopez to become our global brand ambassador. As a son of immigrants, Mario shares our commitment to help the underbanked and underserved communities especially in his families native Mexico. National Positions, a Southern California award winning digital marketing company, launched our digital marketing campaign for IPSIPay. I am very proud to announce that our market penetration for IPSI has grown from 10,000 downloads and 1,200 active users in October to 34,000 downloads and 2,100 users at year end. We define an “active user” as a customer who downloads our app and processes at least one transaction via the app.
State of the Union for 2023 with Emerging Opportunities
We believe the money remittance business is changing after 50 years of an industry controlled by a very small number of large corporations. According to publicly available data from Statista, total global remittance payments are estimated to reach over $750 billion in 2023, and for the first time digital payments are estimated to exceed non-digital payments in 2023. We believe we are positioned to take advantage of this sea change with our applications while also emphasizing our humanitarian theme by focusing on the unbanked and underserved. Our ability to capture even a fraction of this massive global market represents our largest value proposition.
To capitalize on this opportunity, I can also announce that we are working with our technology partners on IPSIPay 2.0. This new and upgraded app with the latest technological advances should be released in the second quarter of this year. We also expect to announce during 2023 the addition of check capture, allowing IPSIPay users the ability to take a picture of their paycheck and have it immediately deposited into their IPSIPay wallet.
We are also creating an ecosystem that enables our business-to-business and business-to-consumer customers to move money, retain customers, and offer the cost savings, convenience and instant settlement that is associated with digital payments. In another new development, during the first quarter of 2023, we expect to file an application with the Government of Mexico for our Mexican MTO (money transmitting organization) which, if approved, will allow us to capture exchange rates, issue Visa and Mastercard debit cards and provide our services as an agent to companies in the U.S. looking to reach millions of customers in Mexico. Our Mexican MTO will also have the ability to move money in Mexico for Mexicans sending money to family and friends within the country. We believe our Mexican MTO will give us tremendous leverage in pricing our remittances to Mexico and better margins in sending money to Mexico.
Finally, to expand our offerings, in 2023 we plan on releasing Beyond Agro, a SAAS product which will allow agriculture companies to better manage their farms while saving money each week by paying their employees through our corporate wallet instead of the issuing costly checks to each employee. As a compliment to IPSIPay, this will allow agricultural company employees to send money home instantly instead of having the inconvenience and costs associated with cashing checks and traveling to a brick-and-mortar funds remitter.
We are also committed to exploring the use of the KYC and AML-focused technology at the core of our apps to be used in other verticals such as the large and growing mobile gaming industry.
I am proud of our accomplishments and look forward to continued execution on all fronts, and I look forward to providing updates on our continued progress.
On behalf of our Board of Directors and management team, we truly appreciate your support, and are looking forward to great things in 2023.
Chairman & Chief Executive Officer
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. (OTCQB:IPSI) is a cutting-edge provider of digital payment and other solutions for both business owners and consumers, focusing on the needs of the unbanked and underserved. Through its IPSIPay® App and Beyond Wallet offerings, IPSI facilitates instantaneous cross-border remittances by companies and individuals, using its robust technology platform to enable digital transactions that are convenient, cost effective, fast, and secure. IPSIPay® App users can acquire VISA debit cards, as well as obtain a bank account at a major U.S. institution, enabling them to execute financial transactions through IPSI’s large, worldwide merchant network.
To learn more about Innovative Payment Solutions, Inc., please visit www.ipsipay.com.
Cautionary Note 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 Company management. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or 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 significant risks and uncertainties, many of which are difficult to predict that could cause actual results (including, the anticipated of the Company’s corporate initiatives on its future results of operations) to differ materially and adversely from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others: (i) the Company’s ability to continue its commercialization efforts for the IPSIPay® App and related capabilities; (ii) the Company’s ability to increase its number of active users and generate revenue from such users on a continuing basis; (iii) the Company’s ability to operate its platform without errors; (iv) the Company’s ability to gain access to and operate its technology through third parties for use in all U.S. states and foreign countries; (v) the Company’s ability to generate revenue, positive cash flow or profitability; and (vi) the other factors discussed in the Company’s Annual Report on Form 10-K for the 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 in this release is provided only as of the date of this release. The Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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