CARMEL BY THE SEA, Calif., April 04, 2022 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a fintech provider of digital payment solutions and services to businesses and consumers, including IPSIPay™, announces the second-phase launch of its IPSIPay App following approval from VISA® for use of its debit card services as part of IPSIPay.
Following the initial launch of IPSIPay in December 2021, the availability of VISA debit card capability as part of IPSIPay enhances IPSIPay’s positioning as an attractive mobile banking solution for IPSI’s initial target market — the large and growing unbanked, under banked and money remittance market.
The new IPSIPay VISA debit cards may be obtained via the IPSIPay App, enabling users to conduct transactions anywhere VISA is accepted globally. The VISA debit card is loaded using the IPSIPay App, providing users the ability to withdraw cash with minimal fees from their digital wallet using the VISA debit card in ATM machines. The IPSIPay VISA debit card also gives customers access to their money from a large merchant network around the world, providing the ability to make everyday purchases anywhere that accepts VISA cards. Simultaneously, the cards provide users with a bank account via Metropolitan Bank, thereby enabling a path for users to potentially establish or enhance their credit.
This second phase launch of the IPSIPay app also features increased functionality, including the ability for users to make cash deposits into their IPSIPay wallets at branches of Chase, Bank of America and Wells Fargo, which immediately becomes available for use in their digital wallet on the IPSIPay app. This increased functionality also supports all current IPSIPay features, such as wallet-to-wallet cashless transactions – including over borders (including from the U.S. to Mexico).
William Corbett, IPSI’s Chairman and Chief Executive Officer, commented, “The approval of our new VISA debit card is a significant milestone and an important addition to the functionality of our IPSIPay App. Users may receive up to five companion cards, when they apply, which may be used by family members.
“This VISA debit card provides significant benefits to our IPSIPay App users, ultimately making it easier and cheaper to transfer money to and from anywhere around the world. The VISA debit card also provides users the ability to withdraw funds from their IPSIPay digital wallet, providing much more flexibility for users in accessing money that is on their IPSIPay App and giving users access to a large network of ATMs.
“The VISA debit card also provides a means for those accustomed to relying on cash the ability to live in the cashless economy that has emerged, providing a convenient, efficient, and cost-effective way for the unbanked and underbanked to move money at rates significantly lower than traditional methods. Fees associated with accessing money through ATMs are minimal, and there is no cost for users to move funds from wallet to wallet or for shopping directly with their wallet, providing our users with flexibility in remitting money across borders.
“We believe that while these benefits will be game-changing for our users and creates the potential to add millions of people and dollars into the cashless economy, it is just the beginning. We look forward to updating our shareholders on future promising developments for IPSI very soon,” 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. IPSI plans for its ecosystem of products and services to 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. IPSI believes its digital payment facilitation platform and related apps will empower and enable IPSI’s core target users — the large and growing unbanked and under-served communities – with access to comprehensive and easy to use payment solutions.
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. 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, without limitation, the results of having VISA cards available via IPSIPay as described herein) 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: (i) the Company’s ability to successfully roll out the new IPSIPay App and related capabilities; (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 operate its technology for use in more countries; (v) the Company’s ability to generate revenue, positive cash flow or profitability; (vi) the duration and scope of the COVID-19 pandemic worldwide (which has delayed the launch of IPSIPay), including the impact to the economy in California and Mexico; and (vii) 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, 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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