Innovative Payment Solutions Provides Update on IPSIPay Express

New Payment Processing Joint Venture Making Progress Towards Anticipated Third Quarter Launch and Initial Revenues

Joint Venture Expands into Traditional Credit Card Processing in Addition to New Real-Time Consumer-To-Merchant Payments Solution

CARMEL BY THE SEA, Calif., June 27, 2023 (GLOBE NEWSWIRE) -- Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a FinTech provider of proprietary digital payment platforms that enable transfers of money by means of convenient, fast, cost effective and secure systems, today provided an update on IPSIPay Express (IPEX), its joint venture with payment industry veterans OpenPath and eFinityPay originally announced on May 1, 2023.

IPEX was formed to provide a new proprietary, real-time consumer-to-merchant payment solution called Instant-Settlement in RealTime. IPEX is focused on providing payment solutions to so-called high-risk sectors such as online gaming and entertainment.

Key IPEX developments since the May 1^st announcement include:

• IPSI has made an initial capital contribution of $200,000 to IPEX as part of its $1.5 million total commitment amount. In exchange for this capital contribution, IPSI received its first tranche of equity ownership in IPEX amounting to 4.4% of the IPEX. This capital infusion will accelerate product delivery and cover IPEX’s start-up costs. If the full $1.5 million of capital is contributed to IPEX by IPSI, IPSI would own one-third of the joint venture.
  
• The IPEX joint venture partners have agreed to expand the scope of services provided by IPEX to include traditional credit card processing. This expansion will allow IPEX to cater to a broader range of merchants, provide comprehensive payment solutions tailored to their specific needs, and create near term revenue generating potential for IPEX.
  
• IPEX has secured key relationships with commercial banks, which help solidify the robust financial infrastructure needed to support both the traditional credit card processing as well as IPEX’s new Instant-Settlement in RealTime payments solution.
  
• The development of IPEX’s proprietary Instant-Settlement in RealTime technology, which integrates application programming interfaces (known as APIs), will enable ecommerce businesses to seamlessly manage payments, providing a secure and efficient payments experience.
  
• The IPEX joint venture partners have begun soft marketing of the IPEX payment solutions to potential customers, including current customers of OpenPath who could benefit from IPEX’s new real time payments platform.