Innovative Payment Solutions, Inc. Acquires 10% Stake in Boston based Start-Up Frictionless Financial Technologies, Inc.
Innovative Payment Solutions, Inc. (OTCQB: IPSI) announced its acquisition of a 10% stake in Frictionless Financial Technologies, Inc. This strategic investment aims to enhance the development of IPSIPay™, its digital payment platform, and facilitate the rollout of an all-in-one solution for global payments targeted at unbanked and underbanked populations. CEO William Corbett believes this partnership will accelerate the late-stage development of their digital platform, expected to launch later this summer.
- Acquisition of a 10% stake in Frictionless Financial Technologies is expected to enhance IPSIPay's development.
- Strategic partnership with FFT aims to accelerate the rollout of an all-in-one digital payment solution.
- Dependence on successful rollout of the all-in-one solution raises execution risks.
- Potential impacts from COVID-19 on the economy may hinder business prospects.
NORTHRIDGE, CA, June 28, 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 universal digital payment platform, IPSIPay™, today announced the acquisition of a
William Corbett, CEO of Innovative Payment Technologies, Inc., commented, “We believe this investment into Frictionless Financial Technologies, Inc. will enhance, accelerate, complement and expand the late-stage development of our digital platform. We look forward to our planned roll-out later this summer of our all-in-one solution that will bring the unbanked, underbanked and anyone else to the digital world of sending payments across borders.”
About Frictionless Financial Technologies, Inc.
Frictionless Financial Technologies, Inc (“FFT”) is a Boston-based, frictionless global payments enablement and software company. FFT provides financial products that help improve people’s lives by delivering their most important and complex payments in an efficient manner. This is accomplished via a next-gen payments platform, combined with proprietary software and global payments network partners.
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)
Forward-Looking Statements:
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 the investment into Frictionless Financial Technologies, Inc. enhancing, accelerating, complementing and expanding the late-stage development of our digital platform and the roll-out later this summer of our all-in-one solution that will bring the unbanked, underbanked and anyone else to the digital world of sending payments across borders.. 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 accelerate and expanding the late-stage development of our digital platform, our ability to roll-out later this summer of our all-in-one solution as planned, our ability to launch our kiosks rollout program in Southern California as previously planned before COVID-19, our ability to position the Company 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.
For investor inquiries please call (866) 477-4729 or email investors@ipsipay.com.
FAQ
What does the acquisition of Frictionless Financial Technologies mean for IPSI?
When is the expected rollout of the new digital payment solution by IPSI?
How will the acquisition impact IPSI's business?
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