NEW YORK, April 5, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today announced executing a work order to support its Florida based affiliated FinTech company, Global Money One, Inc., to create a financial mobile banking application to provide convenient and reliable services to the underbanked Hispanic community and other populations in the U.S. that lack access to bank accounts or other traditional financial services.
iQSTEL recently announced entering into an agreement with Payment Virtual Mobile Solutions, LLC (PayVMS) to build a Visa Prepaid Debit Card Service (PDCS).
The new Visa PDCS is being constructed under a new subsidiary corporation named Global Money One, Inc. (www.globalmoneyone.com). Under the agreement with PayVMS, iQSTEL will own 75% of Global Money One, Inc. with PayVMS owning the other 25%.
The Visa PDCS is expected to generate estimated revenue over five years of $45 million to $128 million with an approximate EBITDA margin of 30% to 40%.
According to the FDIC, more than 25% of U.S. households (27.1 million) are either unbanked or underbanked.
VISA MoneyOne's Prepaid Card and mobile solution will offer FDIC-insured prepaid accounts, domestic and international bill payments, peer to peer transfers, check deposits and remittances from the USA and another target 70 countries.
Global Money One Inc. researched modern, component based core banking platforms to support the launch of its VISA MoneyOne service and decided on FIS Global's recent announced FIS Modern Banking Platform.
The FIS Modern Banking Platform delivers advanced digital functionality, flexibility, and openness along with mission-critical scalability and resiliency. Through its modular, cloud-native architecture and integration with open application programming interfaces, the FIS Banking Platform will enable Global Money One to bring new banking products to market quickly and comply with changing bank regulations.
The FIS solution will be delivered via a Prepaid Program Management and Processing Solution model that will allow Global Money One to speed deployment while minimizing capital investments.
VISA MoneyOne customers will be able to get the plastic or virtual card to make store and online purchases, bill payments, ATM withdrawals, International remittances, and Airtime recharge for mobile phones. The Prepaid Card is a General Purpose Reloadable (GPR) and can be loaded with cash at convenience stores, mobile check cashing outlets and by ACH transfer including Direct Deposit.
About FIS Global
Fidelity Information Services - FIS (www.fisglobal.com) is a leading provider of technology solutions for merchants, banks, and capital markets firms globally. Their employees are dedicated to advancing the way the world pays, banks, and invests by applying our scale, deep expertise and data-driven insights. They help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500 company and is a member of Standard & Poor's 500® Index.
About iQSTEL Inc.:
iQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).
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Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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