Innovative Payment Solutions Announces Funding of Its Initial $500,000 Contribution to IPSIPay Express - Seite 2

IPEX has developed its flexible application programming interface (API) which mitigates the risk of fraud and chargebacks, providing enhanced value to potential IPEX customers through lower costs and instant settlement. It has been reported that chargebacks alone represent a 2 to 4% annual cost to business utilizing payment processing, amounting to approximately $2.4 billion within the $81 billion global gaming market. Moreover, the IPEX API is expected to be compliant with anti-money laundering (AML) and know-your-customer (KYC) regulations, and its instant settlement feature obviates the need for banks to hold significant reserves against transactions.

While the proprietary IPEX platform is suitable for mainstream processing, IPEX's initial efforts will focus on online gaming and entertainment industries, aligning with the current market demand. IPEX is also expected to offer traditional credit card processing, allowing IPEX to cater to a broader range of merchants, provide comprehensive payment solutions tailored to specific needs, and create near term revenue generating potential for IPEX.

William Corbett, Chairman and CEO of IPSI, expressed his enthusiasm for the collaboration, stating, “To be able to own 11% of this compelling company with world-class joint venture collaborators in OpenPath and eFinityPay, in the red-hot gaming markets, presents a great opportunity for our shareholders. We look forward to providing additional updates as the year progresses."

About Innovative Payment Solutions, Inc.:

Innovative Payment Solutions, Inc. (OTCQB: IPSI) is a cutting-edge provider of digital payment and other solutions for both business owners and consumers, with a particular focus on the unbanked and underserved. Through its IPSIPay App, IPSI facilitates instantaneous cross-border remittances by companies and individuals, using its robust technology platform to enable digital transactions that are convenient, cost-effective, fast, and secure. IPSIPay App users can acquire VISA debit cards and obtain a bank account at a major U.S. institution, enabling them to execute financial transactions through IPSI's large, worldwide merchant network. Additionally, IPSI is a joint venture partner in IPSIPay Express, a new business aiming to provide a proprietary Instant-Settlement in RealTime solution to markets including online gaming and entertainment.