CARMEL BY THE SEA, Calif., Oct. 25, 2022 (GLOBE NEWSWIRE) -- Innovative Payment Solutions, Inc. (OTCQB:IPSI) (“IPSI” or the “Company”), a fintech provider of digital payment and other solutions to both business owners and consumers, today announces that since the initiation of its new marketing campaign in August, IPSI has achieved 10,000 downloads of its flagship IPSIPay® App. Of the 10,000 downloads, 1,200 have been converted to active users with wallets, meaning the users have initiated at least one transaction via IPSIPay®.
These achievements are a demonstration of the initial results of IPSI’s previously announced marketing efforts for IPSIPay® targeting the unbanked and underserved migrant communities in the United States. Those efforts are anchored by IPSI’s endorsement collaboration with popular actor and television personality Mario Lopez.
William Corbett, IPSI’s Chairman and Chief Executive Officer, commented, "The initial achievements of our marketing campaign is a testament to the value that we believe we are providing to the unbanked and underserved with IPSIPay®. We are very pleased to have achieved the 10,000-download milestone in such a short period of time, and we are continuing to see strong growth of downloads and new active users, even as our marketing campaign is in its infancy and as revenue to IPSI from active users remains very small compared to our revenue potential. We are confident that as we expand our marketing campaign and word-of-mouth begins to spread about the functionality and benefits of our IPSIPay® App we will see continued robust growth of the numbers of downloads and active users. Importantly, we believe our conversion rate of downloads to active users to is in line with fintech industry norms. Of course, the goal of our efforts is to grow our active users, which in turn will generate revenue for us in the form of fees from money transfers and the use of debit cards as well as ATM fees. Moreover, we continue to add new and innovative features to our IPSIPay® App (such as our recently announced telemedicine offering through MeMD) with the goal of making IPSIPay® a valuable resource to its users and expanding its market potential.”
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, focusing on the needs of the unbanked and underserved. Through its IPSIPay® App and Beyond Wallet offerings, 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, as well as obtain a bank account at a major U.S. institution, enabling them to execute financial transactions through IPSI’s large, worldwide merchant network.
To learn more about Innovative Payment Solutions, Inc., please visit www.ipsipay.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 made by Company management and the Company’s commercial collaborators. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate, “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the or the negative of these terms or 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 that could cause actual results (including the anticipated benefits to the Company of its marketing efforts for IPSIPay® and the potential for future Company revenue growth as a result of those efforts) to differ materially and adversely from current expectations and assumptions from those set forth or implied by any 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 continue its commercialization efforts for the IPSIPay® App and related capabilities; (ii) the Company’s ability to increase its number of active users and generate revenue from such users on a continuing basis; (iii) the Company’s ability to operate its platform without errors; (iv) the Company’s ability to operate its technology for use in all U.S. states and foreign countries; (v) the Company’s ability to generate revenue, positive cash flow or profitability; (vi) the duration and scope of the COVID-19 pandemic worldwide (which has delayed the launch of IPSIPay®), including the impact to the economy in California and Mexico; and (vii) the other factors discussed in the Company’s Annual Report on Form 10-K for the 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. The Company undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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