Innovative Payment Solutions Inc. (OTCQB: IPSI) is a digital payment technology service company offering cutting-edge solutions for consumers and service providers. It is focused on building a 21st century payment platform based on its proprietary fintech payment architecture.
Incorporated in 2015 and headquartered in Northridge, California, the company has spent the last five years perfecting its payment platform through its operations in Mexico, which still facilitate over two million users.
IPSI’s new business structure will use the latest technology, including blockchain and an e-wallet, to provide consumers the ability to make payments worldwide. The company’s innovative ecosystem will include multiple devices, such as POS terminals, mobile applications and self-service kiosks, offering alternative payment methods to meet the needs of unbanked and underbanked consumers.
IPSI Kiosk Platform
The IPSI Kiosk platform strategy aims to provide simple payment solutions and low-cost financial services for consumers and businesses. These kiosks offer access to digital payments for the unbanked and underbanked, allowing for remittance, merchant payments, microloans and other financial services.
The kiosk enables new features and transaction modules to be added and implemented easily, leveraging a flexible, open architecture to minimize costs. Current services provided by the kiosks include bill pay and cellphone top-up. Additional features are currently in development, including payday loans, gaming, auto insurance, title loans, lottery, international remittance, a mobile app and an e-wallet.
Already linked to Mexico’s largest service providers, the IPSI network is expected to add over 150 services for payment, including mobile networks, cable providers, home lenders, banks and microlenders. In 2019, IPSI’s kiosk network processed roughly 4.5 million transactions in Mexico totaling over $17 million.
The company currently has 50 kiosks that it intends to install at retail locations in Southern California. It also plans to deploy kiosks in other states.
IPSI Kiosk Channel Value
The IPSI Kiosk provides value for businesses and consumers.
For businesses, the IPSI Kiosk:
- Serves as an additional revenue source;
- Attracts new traffic and potential customers;
- Offers remote software updates and monitoring, making the kiosks low maintenance;
- Is easy to use, with little need for customer service intervention; and
- Requires minimal staff training and overhead.
For consumers, the IPSI Kiosk:
- Offers a more comfortable alternative for making payments for cash-dependent unbanked individuals and those uncomfortable with online payments and
- Is accessible 24/7 for bill payment services.
The IPSI Kiosk also provides add-on services that further its value proposition for both businesses and consumers. These include second screen and targeted advertisement options, payday loans, check deposits, prepaid cards and checkout services.
IPSI is currently working on plans to launch its own stable IPSI Coin and has retained Horizons Law and Consulting Group to advise on its stable coin creation. The company plans for IPSI Coin to be backed by the U.S. dollar and administered by an independent custodian to ensure transparency and stability.
The creation of the coin will enable customers to send payments directly to over 200 service providers in Mexico and transfer funds in a matter of minutes via the self-service kiosks to be implemented in Southern California.
“The fintech industry is undergoing a massive shift with the introduction of artificial intelligence, everchanging distribution models, fee diversion and digital payments,” IPSI CEO William Corbett stated in a news release (https://ibn.fm/wwtBV). “We are focused on providing a comprehensive solution in the digital payment arena for those who need it most. Our goal is to provide the millions of unbanked and underbanked as well as banked consumers in California, a cost efficient and convenient method to make payments and remittances with instant settlement.”
Digital Payment Market Outlook
In 2018, the global digital payment market was estimated at $43.5 billion. It is expected to register a CAGR of 17.6% through 2025, reaching a forecast market size of $132.5 billion, according to Grandview Research (https://ibn.fm/pLTUt).
The growth is expected to be led by expanding use of smartphones, e-wallet payment solutions and the introduction of unbanked payment solutions to the market, offering companies such as IPSI significant opportunities for expansion.
William Corbett is the CEO and a Director of IPSI. He has 30 years of experience financing and advising development and growth stage tech and biotech companies. Before IPSI, he was the founder and CEO of California-based Digital Power Lending. Corbett gained experience as a managing director during his time with Paulson Investment Co. and in senior banking and top producer roles at Lehman Brothers and Bear Stearns. He was a co-founder of the San Francisco and PIPE pioneer boutique investment bank, The Shemano Group. He has raised over $2 billion during his extensive career.
Andrey Novikov serves as IPSI’s Chief Technical Officer and Chief Operating Officer. He is the former VP of Global Business Development of Qiwi PLC (NASDAQ: QIWI). Leveraging extensive knowledge of the industry, Novikov played a lead role in the development of Qiwi startups in China, Mexico, India, Brazil, Argentina, Chile, Peru and other countries.
James W. Fuller holds a Director position at IPSI. He is the former chairman of San Francisco think tank Pacific Research Institute. He is a board member for The International Institute of Education, a member of the Pacific Council for International Policy, and a former member of the Committee of Foreign Relations and the board of trustees of the University of California – Santa Cruz. He is the former Senior Vice President of the New York Stock Exchange and was responsible for corporate development, marketing, regulation oversight, research, corporate listing and public affairs.