Innovative Payment Solutions Inc., a U.S. based fintech company focused on digital payment technology service business, introduced a software upgrade for its self-service kiosks amid the COVID-19 pandemic, according to a press release.

The company currently has 50 kiosks that will be installed at retail locations in Southern California, and plans to deploy additional kiosks in other states. The company is in the process of developing a proprietary software and blockchain technology that enables customers to quickly navigate multiple financial services options with providers such as bill payment, account review and customer service, remittance of funds, e-commerce and gaming. The company is simultaneously working on creating a secure and dynamic digital wallet while designing a new IPSI Stable Coin ecosystem.

"Minority communities continue to lack access to traditional banking services and currently pay exorbitant fees for alternative financial services such as cross border payments and remittances," William Corbett, the company's CEO, said in the press release. "The company's kiosks and its technology can assist individuals and families with these services at no cost to them from the convenience of a kiosk, desktop or mobile platforms."

Corbett also said unbanked and underbanked consumers have been hit the hardest amid the COVID-19 outbreak. These consumers need access to basic financial services that are cost effective, easily accessible and secure.

For an update on how the coronavirus pandemic is affecting kiosks, click here.