Innovative Payment Solutions, Inc. announced the second-phase launch of its IPSIPay App following approval from VISA® for use of its debit card services as part of IPSIPay. Following the initial launch of IPSIPay in December 2021, the availability of VISA debit card capability as part of IPSIPay enhances IPSIPay's positioning as an attractive mobile banking solution for IPSI's initial target market -- the large and growing unbanked, under banked and money remittance market. The new IPSIPay VISA debit cards may be obtained via the IPSIPay App, enabling users to conduct transactions anywhere VISA is accepted globally.

The VISA debit card is loaded using the IPSIPay App, providing users the ability to withdraw cash with minimal fees from their digital wallet using the VISA debit card in ATM machines. The IPSIPay VISA debit card also gives customers access to their money from a large merchant network around the world, providing the ability to make everyday purchases anywhere that accepts VISA cards. Simultaneously, the cards provide users with a bank account via Metropolitan Bank, thereby enabling a path for users to potentially establish or enhance their credit.

This second phase launch of the IPSIPay app also features increased functionality, including the ability for users to make cash deposits into their IPSIPay wallets at branches of Chase, Bank of America and Wells Fargo, which immediately becomes available for use in their digital wallet on the IPSIPay app. This increased functionality also supports all current IPSIPay features, such as wallet-to-wallet cashless transactions – including over borders (including from the U.S. to Mexico).