Innovative Payment Solutions, Inc., (“Innovative”) is focused on building a 21st Century digital payment technology service company. Our proprietary Fin Tech platform will leverage our extensive experience from the last five years of our former operations in Mexico, which still has over 2 million users in Mexico using the payment platform. Our new business will utilize the latest proprietary technology, including blockchain and an e-wallet which can provide to a wide range of consumers the ability to send money remittances world-wide and make digital payments for products and services, including but not limited to cell phone top-ups, utility payments, entertainment services and microloans for personal use(Innovative Payment Solutions).
Our initial launch is scheduled for the 4th quarter of 2020 and is expected to roll-out the installation of a significant number of kiosks throughout Los Angeles. These sophisticated kiosks can assist the unbanked, underbanked and fully banked in sending remittances and making payments to utility providers, cellular providers, in their native countries while standing at our kiosks in Southern California. The size of the world-wide personal remittances received is over $650 billion with over $38 billion in Mexico alone. Our focus will be on building a market share on the over $38 billion that is sent to Mexico of which, more than $8 billion of those remittances are initiated in California.
Additionally, from the balance sheet side, we have paid off over 95% of the toxic convertible debt that had been carried by us for several years. We recently raised over $1 million from institutional investors at $0.035 in a fixed price senior secured debenture that was a 200% premium to the market at the time of close.