CARMEL by the SEA, CA, December 16, 2021 – Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative,” “IPSI” or the “Company”), a California-based fintech company focused on building a 21st-century universal digital payment platform, IPSIPay, announces today the initiation of its kiosk rollout and is providing an update on the launch of its IPSIPay App.
The Company is initiating the launch of its kiosks with an initial focus on non-profit organizations, primarily churches in the central valley region in California. This area includes a disproportionately high population of immigrants, particularly from Mexico, a significant portion of which are either unbanked or underbanked. The church market represents a large opportunity, providing church members the ability to send money to Mexico, as well as a digital method to donate to the church in an easy and cost-effective way. According to CAMEO, California’s statewide Micro Enterprise Network, 25% of the state’s population of 41 million people, is either unbanked or underbanked, representing a market opportunity of over 10 million people.
The Company is in the final stages of development for its IPSIPay App, and now expects its official release in January 2022. Concurrent with this release, the Company is planning to launch a digital marketing campaign to generate awareness and interest in its App rollout.
William Corbett, CEO of Innovative Payment Solutions, Inc. commented, “Our kiosk launch is a major milestone in our efforts to provide digital payment services to the unbanked and underbanked. Our launch will be done in a strategic and targeted approach to focus on regions with demographics that are in need of these solutions as well as organizations that would receive the greatest benefit, including AgroTech, payroll services and churches. Given those criteria, our initial focus will be churches in the central valley region of California where there is a large population of unbanked and underbanked who actively remit money to Mexico.”
Pastor Rudy Sanchez, from 4Life Ministries in Merced, California, said, “To be able to offer a Kiosk that is safe and secure will provide our parishioners an easy and efficient way to provide donations to our church, allowing us to accomplish some of our inner-city goals to this community. In addition, it gives families a safer, more affordable way to transact around the world and have the support of our staff in an environment like our church.”
Mr. Corbett added, “We continue to work diligently on finalizing our IPSIPay App and now expect to execute this launch after the holidays. While slightly delayed, we have significantly expanded the functionality of the App. In addition to the ability to remit money to Mexico in a convenient and cost-effective manner from mobile phones, we have included additional features that include the ability to transact in Bitcoin, Ethereum, gold, and silver. Our App also includes the ability to obtain Visa debit cards which, combined with its many other features, provides our customers with similar functionality to a bank.
“Our top priority in launching this App is to ensure that it is fully functional and ready. We are planning a major digital marketing campaign to generate interest in the market for these solutions that are closely tied to the launch,” concluded Mr. Corbett.
About Innovative Payment Solutions, Inc
Innovative Payment Solutions, Inc. strives to offer cutting-edge digital payment solutions for consumers and service providers, providing a cost-effective and secure method to remit money globally. Innovative Payment Solutions Inc.’s ecosystem will span multiple devices such as self-service kiosks, mobile applications, and POS terminals offering alternative payment methods to meet the needs of consumers and service providers (investor.ipsipay.com).
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 and include statements regarding the annual meeting and information regarding the planned ecosystem. These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially 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, our ability to accelerate and expand the late-stage development of our digital platform, our ability to roll out later this summer of our all-in-one solution as planned, our ability to launch our kiosks rollout program in Southern California as previously planned before COVID-19, our ability to position the Company for future profitability, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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, and 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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