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NORTHRIDGE, Calif., April 29, 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 that it has signed a Service Agreement with Red Efectiva S.A. DE C.V. (“Red Efectiva”) https://redefectiva.com/web/ – a payment processing company based in Monterrey, Mexico.
Red Efectiva is a leading service provider and payment processor in Mexico. With over 2,500 locations, Red Efectiva offers more than 150 services, such as domestic bill pay, prepaid air time for mobile phones, banking operations and insurance packages. This agreement with Red Efectiva will strengthen Innovative’s presence in Mexico and more importantly, will aid underserved customers living in US and Mexico who are in need of financial payment services with swift transaction time and substantially reduced costs.
COVID-19 has pushed many customers towards digitalization and increased the demand for secure and affordable digital payments, which has triggered the need to expand mobile payments infrastructure. Partnering up with Red Efectiva will allow Innovative to access this infrastructure and deliver much needed financial services both locally and abroad.
Mexico is steadily establishing itself as an evolving e-commerce industry: mobile commerce revenues are outpacing total e-commerce expansion, and the sector is forecasted to expand at a 20.1 percent annual rate through 2023 reaching almost $28.5 billion.
Furthermore, Mexico's digital payments market through Mobile POS Payments has reached $8.5 billion in 2020, which is more than double 2019 numbers, and by 2025 the industry is expected to generate $30 billion. Innovative sees a huge opportunity to break into this market while also assisting retailers in the United States and Mexico in streamlining their operations and lowering costs.
Andrey Novikov, CTO of Innovative Payment Solutions, Inc., stated, “The Service Agreement with Red Efectiva gives our Company an opportunity to broaden our IPSIPay ecosystem and reach thousands of people in need of our services. Our universal digital payment platform and mobile technology will make financial services more inclusive and affordable. Mexico is our initial roll out in Latin America and we anticipate further expansion across Central and South America in the near future.”
About Red Efectiva S.A. DE C.V.
Red Efectiva is a leading service provider and payment processor in Mexico. With over 2,500 locations, Red Efectiva offers more than 150 services, such as domestic bill pay, prepaid air time for mobile phones, banking operations and insurance packages.
About Innovative Payment Solutions, Inc.
Innovative Payment Solutions, Inc. strives to offer cutting edge digital payment solutions for consumers and service providers. Innovative Payment Solutions Inc.’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)
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statement 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 this agreement strengthening Innovative’s presence in Mexico and aiding underserved customers living in US and Mexico, statements regarding opportunity to break into digital payments market while also assisting retailers in the United States and Mexico in streamlining their operations and lowering costs, statements regarding Service Agreement with Red Efectiva as an opportunity to broaden our IPSIPay ecosystem and reach thousands of people in need of our services, statements regarding our universal digital payment platform and mobile technology making financial services more inclusive and affordable.
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, our ability to access mobile payments infrastructure via partnership with Red Efectiva, our ability to deliver financial services both locally and abroad, our ability to further expand across Central and South America in the near future, our ability to launch our kiosks rollout program in Southern California as has been previously planned before COVID-19, our ability to position Innovative for future profitability, 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, 2020 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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