Innovative Payment Solutions, Inc. announced that it has completed the key integration of its IPSIPay mobile application and back-end payment processing infrastructure through its commercial partners. This major achievement allows IPSIPay users the ability to easily transfer money and make payments through the IPSIPay app throughout five continents for receipt at more than 215,000 payment locations and accelerates the full commercial launch of IPSIPay that began earlier 2022. This milestone comes on the heels of IPSI's recent receipt of approval from the State of California to send remittances throughout the world, which was the only state in the continental United States from which IPSI was still awaiting approval.

The California approval is of particular significance, as California represents the largest state in the United States with annual remittances to Mexico valued at as much as $16.3 billion dollars according to The Wilson Center, accounting for over one-third of all remittances sent to Mexico from the United States. Based on Trading Economics remittance data, the total Mexican remittance market for the past year has been over $55 billion. IPSI's commercial launch strategy for IPSIPay includes targeting the unbanked and underserved migrant community in California and elsewhere.

Further, these events solidify the opportunity for IPSIPay users anywhere in the continental United States to easily send money from the IPSIPay app directly to Mexico, or to load a VISA card associated with that account. That VISA card can then be used with no additional fee by the cardholder anywhere that VISA is accepted, including ATM withdrawals for a transaction fee. With these key developments achieved, IPSI now plans to expand its existing marketing programs for IPSIPay to increase downloads and the number of regular users of the app, all with the goal of driving revenue growth for IPSI.