Innovative Payment Solutions, a US based company focused on building a 21st Century digital payment technology service business, announced plans to expand its development of its proprietary Fin Tech platform that leverages its extensive experience from the five years of its operations in Mexico, with over 2 million local customers.
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Innovative has retained Horizons Law and Consulting Group (“Horizons”) to advise Innovative on the creation of its own stable coin (“IPSI Coin”), by providing the necessary legal and regulatory support to navigate evolving regulatory and legislative compliance requirements.
The plans for the IPSI Coin provide that it will be backed by US dollars and be administered by an independent custodian to ensure stability and transparency. It is expected that the IPSI Coin will enable its customers to send payments directly to over 200 service providers in Mexico and transfer funds – in minutes via its self-service kiosks that it plans to deploy in Southern California. The kiosks are expected to be complemented by a desktop and mobile application that will have a secure and dynamic digital wallet allowing customers to use the Company’s services from their computer or smart phone. Innovative plans to provide a comprehensive payment eco-system that it believes will improve the daily lives of unbanked and underbanked consumers at no cost to them.
William Corbett, the Company’s CEO, stated, “The fintech industry is undergoing a massive shift with the introduction of artificial intelligence, everchanging distribution models, fee diversion and digital payments. We believe there will be an exponential growth in demand in the $38 billion a year remittance business to Mexico from the US. In addition, it was recently reported that payments in the first eight months of 2020 ballooned to $26.4 billion, up 9.4% compared with the same period last year. We are focused on providing a comprehensive solution in the digital payment arena for those who need it most. Our goal is to provide the millions of unbanked and underbanked as well as banked consumers in California, a cost efficient and convenient method to make payments and remittances with instant settlement.”
Jason Civalleri, an associate attorney at Horizons, commented, “We are excited to be working with the Company to explore how their innovative technology can possibly address the challenges faced by those who are unbanked and underbanked around the world.”
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