CARMEL BY THE SEA, Calif., April 4, 2022 (GLOBE NEWSWIRE) — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a fintech provider of digital payment solutions and services for businesses and consumers, including IPSIPay™, announces the launch of the second phase of its IPSIPay application after VISA approval® for the use of its debit card services within the framework of IPSIPay.
Following the initial launch of IPSIPay in December 2021, the availability of VISA debit card capability as part of IPSIPay reinforces IPSIPay’s positioning as an attractive mobile banking solution for IPSI’s initial target market – the growing unbanked, underbanked and money transfer market.
The new VISA IPSIPay debit cards can be obtained through the IPSIPay app, allowing users to transact anywhere VISA is accepted worldwide. The VISA debit card is loaded using the IPSIPay app, providing users with the ability to withdraw money with a nominal fee from their digital wallet using the VISA debit card at ATMs. The IPSIPay VISA Debit Card also allows customers to access their money from an extensive network of merchants around the world, providing the ability to make everyday purchases anywhere VISA cards are accepted. Simultaneously, the cards provide users with a bank account through Metropolitan Bank, allowing users to potentially establish or improve their credit.
This second phase of the IPSIPay app launch also features increased functionality, including the ability for users to make cash deposits to their IPSIPay wallets at Chase, Bank of America and Wells Fargo branches, which is becoming available immediately. 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 across borders (including US to Mexico).
William Corbett, President and CEO of IPSI, said: “The approval of our new VISA debit card is a significant milestone and an important addition to the functionality of our IPSIPay app. Users can receive up to five companion cards, when requested, which can be used by family members.
“This VISA debit card offers significant benefits to our users of the IPSIPay app, ultimately making it easier and cheaper to transfer money to and from anywhere in the world. The VISA debit card also offers users the ability to withdraw funds from their IPSIPay digital wallet, giving users much more flexibility to access the money that is on their IPSIPay app and giving users access to a large network of ATMs.
“The VISA debit card also offers people accustomed to relying on cash the opportunity 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 significant rates lower than traditional methods Fees associated with accessing money through ATMs are minimal and there is no cost to users to move cash wallet to wallet or to make purchases directly with their wallet, giving our users flexibility in moving money across borders.
“We believe that while these benefits will be a game-changer for our users and create the potential to add millions of people and dollars to the cashless economy, this is just the beginning. We look forward to updating our shareholders on exciting future developments for IPSI very soon,” Mr. Corbett concluded.
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. strives to offer industry-leading digital payment solutions to consumers and service providers, providing a cost-effective and secure method to transfer money around the world. IPSI expects its ecosystem of products and services to span multiple devices such as self-service kiosks, mobile apps and point-of-sale terminals, offering alternative payment methods to meet the needs of consumers and service providers. services. IPSI believes its digital payments facilitation platform and associated applications will enable IPSI’s primary target users – the large and growing unbanked and underserved communities – to access comprehensive, easy-to-use payment solutions.
Caution 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 facts contained in this press release are forward-looking statements. In some instances, forward-looking statements may be identified by terms such as “anticipate”, “believe”, “may”, “continue”, “could”, “estimate”, “expect”, “have the intention to”, “may”, “plan”, “potential”, “predict”, “project”, “should” or “shall” or the negative or negative of these terms or any 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 and could cause actual results (including, without limitation, the results of having VISA cards available through IPSIPay as described herein) differ materially from current expectations and assumptions from those set forth or implied by the 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 deploy the new IPSIPay application and related functionality; (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 leverage its technology for use in more countries; (v) the Company’s ability to generate revenue, positive cash flow or profitability; (vi) the duration and extent of the COVID-19 pandemic worldwide (which has delayed the launch of IPSIPay), including the impact on the economy in California and Mexico; and (vii) the other factors discussed in the Company’s Annual Report on Form 10-K for the fiscal 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 as a result of new information, future events or otherwise, except as required by law. .
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