Innovative Payment Solutions Announces a Non-Binding Letter of Intent with BC Remittance, Ltd. in a Strategic Partnership to Provide Electronic Money Transfers to the Philippines
September 09, 2021 at 08:00 am
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Innovative Payment Solutions, Inc. announces that its recently filed company in London, IPSIPay (UK) Limited, entered into a non-binding Letter of Intent (LOI) with BC Remittance Limited (“BC Remit”) in a strategic partnership to provide electronic money transfers to the Philippines. BC Remit is an Authorized Payment Institution (API) that enables it to issue e-money as a digital equivalent of cash, stored on a financial platform or an electronic device. As an API, BC Remit has the ability to rapidly and securely send money directly to the Philippines, the fourth largest remittance recipient market with annual remittances of $35 billion. This opens a large and growing market opportunity for Innovative. In addition, because BC Remit is a low-cost provider of remittances, money transfer fees are low at around 1%, significantly below the cost of traditional providers many of which charge as much as 8% or more. The Philippine market is the fourth largest remittance market and fits well with the Company’s corporate mission to provide low-cost financial solutions that enable the underbanked to securely send money to anyone anywhere at any time.
Innovative Payment Solutions, Inc. is a fintech provider of digital payment solutions and services to businesses and consumers, focusing on the needs of unbanked and underserved communities, particularly migrant communities in the United States. The Company is focused on operating and developing e-wallet mobile applications that enable consumers to deposit cash, convert it into a digital form, and remit the funds to Mexico and other countries quickly and securely. Its two e-wallet applications are IPSIPay and Beyond Wallet. Beyond Wallet is operational and is an institutional business-to-business product. The Companyâs IPSIPay App users can acquire VISA debit cards, as well as obtain a bank account at a major United States institution, enabling them to execute financial transactions through IPSIâs worldwide merchant network. The Companyâs IPSIPay Express provides merchants with a technology for payment processing that allows transactions, in real-time bank-to-bank account transfers.
Innovative Payment Solutions Announces a Non-Binding Letter of Intent with BC Remittance, Ltd. in a Strategic Partnership to Provide Electronic Money Transfers to the Philippines