Innovative Payment Solutions Inc. (OTCMKTS:IPSI) announced on September 12, 2022, about completing the key integration of its IPSIPay mobile application and back-end payment processing infrastructure through its commercial partners.
Trading Data
On Monday, IPSI stock ended flat at $0.040 with 1.03 million shares, compared to volume of 1.26 million shares. The stock moved within a range of $0.0350 – 0.0431 after opening trade at $0.0419.
Innovative Payment Solutions Announces Full Global Availability of IPSIPay™ App Providing Users the Capability to Send Money to Five Continents at Over 215,000 Pickup Locations Throughout the World
This is a major turning point that allows IPSIPay users to conveniently transfer money and make payments through the IPSIPay app throughout five continents for receipt at more than 215,000 payment locations and boosts the full commercial launch of IPSIPay that started earlier in 2022.
This major achievement comes right after IPSI was given the green light from the State of California to send remittances throughout the world, which was the only state in the continental United States from which IPSI was still awaiting approval. California is the largest state in the country with annual remittances to Mexico valued at as much as $16.3 billion dollars according to The Wilson Center, accounting for over one-third of all remittances sent to Mexico from the United States.
Now IPSIPay users anywhere in the continental United States can easily send money from the IPSIPay app directly to Mexico, or load a VISA card associated with that account. That VISA card can then be used with no additional fee by the cardholder anywhere that VISA is accepted, including ATM withdrawals for a transaction fee. IPSI is looking to grow its current marketing programs for IPSIPay, to increase downloads and the number of regular users of the app.
Key Quote
William Corbett, IPSI’s Chairman and Chief Executive Officer, commented, “Our company has achieved critical milestones as these developments accelerate the full commercial launch of IPSIPay, which now enables users of our IPSIPay app to easily send money not only to Mexico, but across five continents, significantly expanding our addressable market. Moreover, the approval in our key market of California allows the unbanked and underserved population in California – as well as that in the entire continental U.S. – with the ability to send remittances to their families in Mexico, while also allowing those recipients with instant access to the money through the IPSIPay VISA card at any location that takes VISA, including ATMs to withdraw cash.
Technical Data
IPSI stock is trading below the 20-Day and 50-Day Moving averages of $0.0416 and $0.0456 respectively. However, the stock is trading above the 200-Day moving average of $0.0269. The company has a total market capitalization of $15 million.
