NORTHRIDGE, Calif., Feb. 09, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Innovative Payment Solutions, Inc. (OTCQB: IPSI) (“Innovative” or the “Company”), a Southern California based fintech company focused on building a 21st century digital payment solution, IPSIPay™, today announced a beta launch of IPSI Payroll™ — a cloud-based platform, enabling companies to streamline traditional ACH payroll processing systems by utilizing IPSI digital wallets and offering employees a total solution for their financial needs within one app.
The IPSI Payroll™ platform allows employers to streamline their payroll processing operations by eliminating the need for traditional checks and having payments directly deposited to recipients’ mobile applications. This platform, along with the IPSIPay™ app, provides consumers the flexibility to utilize various financial services in a convenient and cost-efficient manner.
The Company has just signed agreements with its first two beta companies Motor LA Logistics LLC and Lotus Logistics, based in southern California and plans to start evaluating the platform.
IPSI Payroll™ will not only be able to issue fast and secure payments directly to employees, IPSI digital wallets, or prepaid credit cards, but also to transmit money and remittances to Mexico and abroad with the convenience of the IPSIPay™ app.
Recurring Revenue Model:
The IPSI Payroll™ platform will create a recurring revenue model for the Company while acquiring additional market share of unbanked and underbanked customers at a minimal acquisition cost. Our partners will greatly benefit from the reduced cost of payroll processing, while also providing convenience and cost reduction to their employees.
The Company plans to execute IPSI Payroll™ launch in several steps:
- educate, market, and familiarize customers and businesses with the IPSI Payroll™ platform
- offer an option to migrate from regular remittance transactions to IPSI Coin transactions resulting in reduced cost and immediate settlement based on our proprietary blockchain technology.
William Corbett, CEO of Innovative Payment Solutions, Inc., commented: “We see the IPSI Payroll™ platform as a revolutionary product for the industry. We have identified another opportunity for a recurring revenue stream, and it fits incredibly well in the ecosystem of our services. More importantly, in addition to furnishing a more efficient payroll process for our partners, it will also provide unbanked and underbanked sectors of the population with the access and opportunity to perform a variety of financial transactions within one app. We are looking forward to executing on our plans for 2021.”
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. strives to offer cutting edge digital payment solutions for consumers and service providers. Innovative’s ecosystem will span multiple devices such as self-service kiosks, mobile applications and POS terminals offering alternative payment methods to meet the needs of consumers and service providers. (investor.ipsipay.com)
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some case, 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 and include statements regarding the development of a more efficient payroll process for consumers, ensuring flexibility of financial services in a cost-efficient, fast, or secure manner for consumers, the development of a digital payment platform that meets the needs of unbanked and underbanked communities in the U.S. and abroad, and providing a recurring revenue stream.
These forward-looking statements are based on expectations and assumptions as of the date of the press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially 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 expectation include, among others, the duration of beta-test with Motor LA Logistics, LLC and Lotus Logistics, ability to build market share on unbanked and underbanked customers at a minimal acquisition cost, ability to provide a recurring revenue model for Innovative and consumers, ability to market, and familiarize customers and businesses with the payroll platform, ability to migrate regular remittance transactions to IPSI Coin transactions, ability to reduce costs in migrating regular remittance transactions to IPSI Coin transactions, the duration and scope of the COVID-19 outbreak worldwide, including the impact to the economy in California and Mexico, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 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, and 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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