Innovative Payment Solutions Announces Funding of Second $500,000 Capital Contribution to IPSIPay Express

Funding affords IPSI an aggregate 22% equity interest in
new payment processing Joint Venture

IPSIPay Express remains on track for commencing
revenue generating operations in the near future

CARMEL BY THE SEA, Calif., Sept. 20, 2023 (GLOBE NEWSWIRE) -- Innovative Payment Solutions, Inc. (OTCQB: IPSID) (“IPSI” or the “Company”), a FinTech provider of digital payment platforms, today announced the funding by IPSI of its second of three $500,000 capital contribution to IPSIPay Express, LLC (IPEX), a Joint Venture poised to redefine the landscape of digital payments in the rapidly growing sports betting, online gaming and entertainment sectors.

The funding represents the second $500,000 tranche of IPSI’s $1.5 million commitment to IPEX and raises IPSI’s equity stake in IPEX from 11% to 22%. A third and final tranche of $500,000 is due by the end of October which, when funded, would raise IPSI’s equity interest in IPEX to 33%.

IPSI also announced that IPEX continues to make significant progress towards commencing revenue generating operations. IPEX plans to commence revenue generation with traditional credit card processing services and will launch its proprietary Instant-Settlement in RealTime^TM platform, an account-to-account payment application aimed at revolutionizing frictionless payments for the online gaming and entertainment verticals. Instant-Settlement in RealTime positions IPEX as a potential leading payment processor for these and similar industries, promising seamless, secure, and instantaneous account-to-account transfer payments from customers to merchants.  

Based on its market assessment and initial outreach to potential customers, IPSI believes that IPEX could potentially generate millions of dollars in revenue with high margins, creating the potential for free cashflow distributions to IPSI and the other joint venture partners by as early as the end of this year.

The IPEX joint venture brings together IPSI, OpenPath, and eFinityPay, entities with substantial experience and expertise in payment processing in sports betting, online gaming, and entertainment verticals. OpenPath specializes in providing payment solutions to companies processing large volumes of online payments, including major players like Shopify and BigCommerce. eFinityPay, under the guidance of counsel to the former owner of the Las Vegas Sands, delivers processing solutions to ecommerce merchants in the online casino, sports betting, and entertainment industries. The global client base of the IPEX partners is currently being integrated into the IPEX joint venture. IPSI plays a vital role to the JV Partnership by contributing the necessary working capital and facilitating essential banking partnerships.