Innovative Payment Solutions Announces Funding of Its Initial $500,000 Contribution to IPSIPay Express

Funding affords IPSI an initial 11% equity interest in a new payment processing joint venture, which remains on track for third quarter launch and initial revenues.

CARMEL BY THE SEA, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a leading FinTech provider of digital payment platforms, is pleased to announce the funding by IPSI of its first capital contribution of $500,000 to IPSIPay Express^TM (IPEX), a limited liability company joint venture between IPSI, Open Path and eFinityPay.

The contribution affords IPSI an 11% equity interest in the joint venture, a stake that is expected to increase to 33% upon the funding of the two additional tranches of $500,000 totaling $1 million, which tranches are due by September 30 and October 31, 2023, respectively.

IPSI also reiterated its previous statements that IPEX remains on track for a third quarter launch and initial revenues. Based on its market assessment and initial outreach to potential customers, IPSI believes that IPEX could potentially generate millions of dollars in revenue with high margins, creating the potential for free cashflow distributions to IPSI and the other joint venture partners.

IPEX is developing an account-to-account payment application called Instant-Settlement in RealTime, which revolutionizes frictionless payments for the online gaming and entertainment verticals. This innovative solution positions IPEX as a potential leading payment processor for these and similar industries, promising seamless, secure, and instantaneous account-to-account transfer payments from customers to merchants.

The joint venture partners, IPSI, Open Path, and eFinityPay, are seasoned veterans in the payment industry, each contributing their expertise to the development of IPEX. Open Path facilitates world-class merchant processing transactions via its global reach and integration with hundreds of eCommerce processors and merchants. eFinityPay provides payment solutions to eCommerce merchants globally. IPSIPay, with over six years of experience in the digital payment industry and led by Wall Street veterans, adds important banking contacts as well as access to capital to the joint venture.