CARMEL BY THE SEA, Calif., May 01, 2023 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a fintech provider of robust and proprietary digital payment platforms that enable transfers of money by means of convenient, cost effective fast and secure systems, today announced that it has entered into a new line of business called IPSIPay ExpressTM, a three-way joint venture with payment industry veterans OpenPath and eFinityPay to develop and market a proprietary consumer to merchant real time payment platform initially focused on the fast growing online gaming and entertainment sectors.
IPSIPay Express will provide merchants with a technology for payment processing that allows for seamless, secure, and instantaneous transactions, in real time bank-to-bank account transfers (from customer bank account to merchant bank account) at costs lower than those currently available from credit or debit card processors. The proprietary technology incorporated into IPSIPay Express will also seek to end losses due to “friendly fraud” and substantially reduce consumer chargebacks, all of which are expected to provide significant value to merchants and operators in the online gaming and entertainment sectors.
Importantly, IPSI believes that the IPSIPay Express business should be ready for launch and could begin to generate revenue for IPSI during 2023. IPSI expects to use any revenue from IPSIPay Express to fund the continuing commercialization and development efforts for its flagship IPSIPay mobile app and for working capital.
OpenPath, headquartered in Irvine, California provides payment solutions to companies processing large volumes of online payments. Scott C. Dorey, OpenPath’s CEO, stated: “We are very pleased to partner with IPSI and eFinityPay in this promising new venture. We believe the innovative payment technology that will be at the core of IPSIPay Express will be a game changer for merchants operating in so-called “high-risk” industries like online gaming and entertainment. The IPSIPay Express account-to-account solution is in high demand by those merchants as it dramatically reduces chargebacks, processing costs and funding time for merchants. We look forward to launching IPSIPay Express to merchants on the OpenPath platform.”
eFinityPay, founded by CEO Franklin Levy and based in Los Angeles, California, specializes in delivering stable merchant processing solutions to ecommerce merchants in the online casino, sportsbook, entertainment, and video gaming businesses.
As part of the joint venture, OpenPath will market IPSIPay Express to its existing and future merchant customers; eFinityPay will be responsible for developing and incorporating the online payment technology into IPSIPay Express as well as marketing to its substantial network or merchants in the targeted fields; and IPSI will be responsible for providing banking contacts to IPSIPay Express as well as potential access to new capital to support the IPSIPay Express business. IPSI is eligible to receive up to one-third interest in IPSIPay Express by contributing up to $1.5 million of capital to the joint venture by the end of this year.
William Corbett, IPSI’s Chairman and CEO commented, “We are excited by the new opportunities IPSIPay Express will provide for us. We believe this joint venture has the potential to diversify our revenue channels and provide payment solutions to an online gaming and entertainment segment that is growing and generating tens of billions of dollars in revenue annually. The IPSIPay Express alternative payment platform, combined with OpenPath and eFinityPay’s considerable experience and relationships with the biggest merchants in the gaming and entertainment industries, should help drive growth at IPSIPay Express. In addition, IPSIPay Express will provide a simple, secure, and easy to use payment experience. We anticipate this will enable the Joint Venture to gain wide acceptance by online merchants and their customers. This new venture with experienced partners, will expedite our path to revenue, and allow us to drive the continuing launch and development of our flagship IPSIPay app.”
Additional details about the joint venture will be provided in a Current Report on Form 8-K to be filed by IPSI with the U.S. Securities and Exchange Commission.
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. IPSI is also a joint venture partner in IPSIPay Express, a new business aiming to provide proprietary payment solutions to markets including online gaming and entertainment.
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 and the Company’s commercial collaborators. 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 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 benefits to the Company (including potential revenue generation) of its participation in the IPSIPay Express joint venture as described herein) 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) whether the IPSIPay Express joint venture partners can develop and commercially launch IPSIPay Express on the timeframes anticipated, if at all; (ii) challenges with the gaming, entertainment and other markets in IPSIPay Express expects to operate; (iii) merchant and customer acceptance of IPSIPay Express as an alternative payment method, (iv) the ability of IPSIPay Express to generate revenue and distribute cash to the Company; (v) the Company’s ability to continue its commercialization efforts for the IPSIPay® App and related capabilities; (vi) the Company’s ability to increase its number of active users and generate revenue from such users on a continuing basis; (vii) the Company’s ability to operate its platform without errors; (viii) the Company’s ability to operate its technology for use in all U.S. states and foreign countries; (ix) the Company’s ability to generate revenue, positive cash flow or profitability; (vi) the duration and scope of the COVID-19 pandemic worldwide (which previously delayed the launch of IPSIPay®), including the impact to the economy in California and Mexico; and (x) 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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