Innovative Payment Solutions, Inc. announced that it has entered into a new line of business called IPSIPay Express, a three-way joint venture with payment industry veterans OpenPath and eFinityPay to develop and market a proprietary consumer to merchant real time payment platform initially focused on the fast growing online gaming and entertainment sectors. IPSI will provide merchants with a technology for payment processing that allows for seamless, secure, and instantaneous transactions, in real time bank-to-bank account transfers (from customer bank account to merchant bank account) at costs lower than those currently available from credit or debit card processors. The proprietary technology incorporated into IPSIPay Express will also seek to end losses due to "friendly fraud" and substantially reduce consumer chargebacks, all of which are expected to provide significant value to merchants and operators in the online gaming and entertainment sectors.

Importantly, IPSI believes that the IPSIPay Express business should be ready for launch and could begin to generate revenue for IPSI during 2023. IPSI expects to use any revenue from IPSIPay Express to fund the continuing commercialization and development efforts for its IPSIPay mobile app and for working capital. OpenPath, headquartered in Irvine, California provides payment solutions to companies processing large volumes of online payments.