- Global pandemic fuels development, acceptance of digital technologies, including blockchain
- HBR article reports that blockchain solutions have been repurposed, unleashed to address challenges
- Innovative Payment Solutions Inc. simplifies payments and transfers; currently working on creating all-in-one digital payment solution: IPSIPay
The impact of COVID-19 has been seen and felt far beyond the health-care industry, reaching into sectors that may not seem to be relatable. Yet the global pandemic has fueled the development and acceptance of digital technologies that offer the security and stability the world is looking for right now. One of those technologies — blockchain — seems particularly well suited for this time and place, where Innovative Payment Solutions (OTCQB: IPSI) could make a real difference in unbanked and underbanked communities globally.
“Because blockchain technologies are uniquely suited to verifying, securing and sharing data, they’re ideal for managing multi-party, inter-organizational, and cross-border transactions,” a recent “Harvard Business Review” article observes (https://ibn.fm/xnq5q). Titled “How the Pandemic Is Pushing Blockchain Forward,” the article notes that “over the past five years, enterprises across the globe have vetted the technology with thousands of proofs of concept, but live deployments have been slow to come because partners using blockchain as a shared ledger have to agree on IP rights, governance, and business models. Government regulations have also impeded its widespread use.”
The article goes on to state that COVID-19 is pushing through the obstacles toward blockchain adoption: “The virus has revealed the weaknesses in our supply chains, our inability to deploy resources where they are most needed to address the pandemic, and difficulties in capturing and sharing the data needed to make rapid decisions in managing it. Blockchain solutions that have been under development for years have now been repurposed and unleashed to address these challenges.”
Innovative Payment Solutions Inc. simplifies payments and transfers by offering an all-in-one digital payment solution — IPSIPay — that utilizes blockchain and is designed for widespread use by unbanked, underbanked and fully banked communities. The company is currently developing IPSIPay, a 21st-century payment solution based on proprietary fintech payment architecture. Already linked to Mexico’s largest service providers, the IPSI network is expected to add more than 150 services for payment, including mobile networks, cable providers, home lenders, banks and microlenders.
Many financial institutions, including IPSI, are showing progress toward blockchain adoption. A CNBC article quoting Lex Sokolin, co-head of fintech at blockchain firm ConsenSys, reported that the coronavirus pandemic may have played a role in spurring banks to roll out commercially viable blockchain products (https://ibn.fm/TFC7O).
Sokolin added: “Banks and other financial institutions are also now less hesitant to experiment with digital currencies as they once were. With cash usage declining in many developed economies — especially amid the pandemic — central banks are now exploring the rollout of their own virtual money, while brokerages like Fidelity now let their clients invest in crypto. . . . ‘Our take is that this adoption and transformation will be incremental in most countries, but drastic in some individual geographies,’ Sokolin said.”
This anticipated transformation bodes well for Innovative Payment Solutions, which strives to offer cutting-edge digital payment solutions for consumers and service providers. Innovative’s ecosystem will span multiple devices such as self-service kiosks, mobile applications and point-of-sale terminals offering alternative payment methods to meet the needs of consumers and service providers.
For more information about the company, please visit www.Investor.IPSIPay.com.
NOTE TO INVESTORS: The latest news and updates relating to IPSI are available in the company’s newsroom at https://ibn.fm/IPSI
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