US-based fintech firm Innovative Payment Solutions (IPSI) has announced the launch of its IPSIPay App to bolster its market presence. 

The new app is claimed to offer a cost-effective way to remit money to Mexico, which is said to be among the top remittance recipients in the world.

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In addition to Mexico, IPSI, which is focused on developing the digital payment solution ‘IPSIPay’, is also targeting India and the Philippines, representing three of the top four remittance recipients in the world.

Other than sending and receiving funds, IPSIPay App can be used to perform various banking-related activities using its digital wallet functionality. 

This includes the ability to conduct wallet to wallet transactions, load money to VISA Debit cards, access funds through ATMs and use the cards to make payments where VISA is accepted. 

Additionally, the app can be used to invest in cryptocurrencies, gold, and silver. 

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Innovative Payment Solutions CEO William Corbett said: “The official launch of our IPSIPay App is an important milestone for the company as we have now entered the $50bn remittance market. 

“Relative to alternatives in the marketplace, our IPSIPay App provides remittance and bank-like services at a discount, providing a viable alternative with lower costs and greater functionality.”

Notably, sending money with the app is free to both the sender and the recipient, which makes it cost-effective.

Corbett stated that the remittance fees charged by IPSIPay App are in line with the United Nations’ current mandate to cut remittance costs.