IPSIPay Express will provide merchants with a technology for payment processing that allows for seamless, secure, and instantaneous transactions, in real time bank-to-bank account transfers (from customer bank account to merchant bank account) at costs lower than those currently available from credit or debit card processors.
The proprietary technology incorporated into IPSIPay Express will also seek to end losses due to ‘friendly fraud’ and substantially reduce consumer chargebacks, all of which are expected to provide significant value to merchants and operators in the online gaming and entertainment sectors.
Importantly, IPS believes that the IPSIPay Express business should be ready for launch and could begin to generate revenue for IPS during 2023. IPSI expects to use any revenue from IPSIPay Express to fund the continuing commercialisation and development efforts for its flagship IPSIPay mobile app and for working capital.
Officials from OpenPath said they believe the innovative payment technology that will be at the core of IPSIPay Express will be a game changer for merchants operating in so-called ‘high-risk’ industries like online gaming and entertainment. The IPSIPay Express account-to-account solution is in high demand by those merchants as it dramatically reduces chargebacks, processing costs, and funding time for merchants. They look forward to launching IPSIPay Express to merchants on the OpenPath platform.
eFinityPay specialises in delivering stable merchant processing solutions to ecommerce merchants in the online casino, sportsbook, entertainment, and video gaming businesses.
As part of the joint venture, OpenPath will market IPSIPay Express to its existing and future merchant customers; eFinityPay will be responsible for developing and incorporating the online payment technology into IPSIPay Express as well as marketing to its substantial network or merchants in the targeted fields, and IPS will be responsible for providing banking contacts to IPSIPay Express as well as potential access to new capital to support the IPSIPay Express business. IPSI is eligible to receive up to one-third interest in IPSIPay Express by contributing up to USD 1.5 million of capital to the joint venture by the end of 2023.
Representatives from IPS said they are excited by the new opportunities IPSIPay Express will provide for them. They believe this joint venture has the potential to diversify their revenue channels and provide payment solutions to an online gaming and entertainment segment that is growing and generating tens of billions of dollars in revenue annually. The IPSIPay Express alternative payment platform, combined with OpenPath and eFinityPay’s considerable experience and relationships with big merchants in the gaming and entertainment industries, should help drive growth at IPSIPay Express. In addition, IPSIPay Express will provide a simple, secure, and easy to use payment experience.
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