Innovative Payment Solutions Provides Update Letter to Shareholders

IPSIPay Express on track for September launch and 2023 revenues to IPSI

IPSI announces assignment of IPSIPay wallets and customers and elimination of associated debts and payment obligations; Company retains rights to “IPSIPay” brand.

CARMEL BY THE SEA, Calif., Sept. 06, 2023 (GLOBE NEWSWIRE) -- Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“IPSI” or the “Company”), a leading FinTech provider of digital payment platforms, today provided an update letter to shareholders and interested parties from Chairman and CEO William Corbett.

“Dear Shareholders,

We wanted to take this opportunity to provide you with some insight into our latest strategic developments and what they herald for the future of our company.

IPSIPay Express

First and foremost, our recent announcement of IPSI’s initial capital contribution of $500,000 to our IPSIPay Express (IPEX) joint venture marks a significant milestone for us. This initial funding not only underpins our robust confidence in IPEX’s proprietary Instant-Settlement in RealTime merchant processing solution and traditional credit card processing capabilities, but also provides us with an 11% equity interest in what we believe will be a groundbreaking initiative. With our subsequent $500,000 capital contributions to IPEX set for September and October of this year, we anticipate our stake in IPEX to rise to 33%.

Equally as important, we are pleased to say that we have been working daily with our IPEX partners and third-party banks and vendors and remain on track for a commercial launch this month. IPEX is likely to commence commercial operations with traditional credit card processing in so-called “high risk” sectors such as online gaming, betting and entertainment, and IPEX is aiming to launch Instant-Settlement in RealTime - a truly exciting proprietary solution providing seamless consumer-to-merchant real-time, instant settlement payments targeting these same sectors by the end of this year.

Given the extensive costs associated with traditional credit card chargebacks (which Instant-Settlement in RealTime will seek to mitigate), IPEX’s focus on launching a proprietary product to lower or eliminate chargebacks presents a distinct value proposition for potential clients. We’re not just creating a solution: we believe IPEX has the potential to redefine the financial landscape of online gaming and entertainment, offering businesses a chance to save significantly. While our immediate efforts are targeted towards specific industries, the broader vision sees the IPEX platform catering to a wider merchant base, expanding revenue streams and positioning IPEX as a versatile player in the merchant processing market.