New App Provides Users Easy Access to Remit Money to Mexico, Conduct Transactions Using a VISA Debit Card and Purchase Cryptocurrencies and Precious Metals
CARMEL BY THE SEA, Calif., Jan. 31, 2022 (GLOBE NEWSWIRE) — 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 official launch of its IPSIPay App.
The launch of the IPSIPay App represents a significant step in the Company’s strategy to establish a dominant foothold in the biggest remittance markets around the world. The Company’s IPSIPay App provides a cost-effective way for users to remit money to Mexico, which, according to wral.com, is the third largest remittance recipient in the world, and represents annual remittances of over $50 billion. In addition to its functionality to send and receive funds, the IPSIPay App also acts as a digital wallet, enabling users to perform many banking related functions, including the ability to use a VISA debit card to execute financial transactions. The App also enables users to invest in crypto currencies, gold, and silver.
William Corbett, CEO of Innovative Payment Solutions, Inc. commented, “The official launch of our IPSIPay App is an important milestone for the Company as we have now entered the $50 billion remittance market. In addition to Mexico, we are also targeting India and the Philippines, representing three of the top four remittance recipients in the world. Our new App, in addition to the ability to make remittance payments, provides various other valuable services for the unbanked and underbanked, offering a low-cost solution that enables them to have access to many digital payment services conducted through their phone. Relative to alternatives in the marketplace, our IPSIPay App provides remittance and bank-like services at a discount, providing a viable alternative with lower costs and greater functionality. The lower costs associated with our App are aligned with the United Nations’ current mandate to reduce remittance costs, whose objectives are to help migrant workers around the world.
“Throughout the development of our IPSIPay App, we have expanded its capabilities to include the ability to transact in certain cryptocurrencies as well as certain precious metals. The seamless integration of different contemporary fintech offerings into our IPSIPay App provides our customers a functional and easily accessible, user-friendly product, available to the unbanked and underbanked.
“Never before have the unbanked and underserved been able to send money to Mexico cheaper, faster, secure and more convenient than with our new IPSIPay App. Users can use the App to send wallet to wallet transactions and load money to VISA Debit cards, enabling customers to access funds through ATMs as well the hundreds of thousands of businesses that accept VISA throughout Mexico. Sending money with the App is free to both the sender and the recipient, making it a cost-effective solution for a population of people that generally have limited access to banking services.
“As previously announced, we recently engaged Response Media to execute a digital marketing campaign and maximize the awareness of our new platform. We are confident that, as prospective users better understand the capabilities and the attractive price point of our IPSIPay App, we will see a strong uptake in the number of active users,” 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 successfully roll out our new IPSIPay App, our ability to increase the number of users; our ability to operate the platform without errors; our ability to operate our technology for use in more countries; 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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