iQSTEL, Inc. today confirmed entering into a letter of intent (LOI) agreement with Payment Virtual Mobile Solutions LLC (PayVMS) to build a VISA Prepaid Debit Card service to enable iQSTEL clients to make purchases in stores and online, do cash withdrawals at ATMs or get cash-back when making a purchase, recharge prepaid mobile phone service (domestic and international), send money domestically or internationally, deposit funds into bank accounts, rewards and Digital Gift Cards, Bill Payments and Remote Deposit Capture (RDC) by mobile phone.
iQSTEL currently offers a range of telecommunication services anticipated to generate an estimated $40 million in annual sales in 2020. The company recently announced the launch of a new Fintech Division to provide services the growing 272 million population of international migrants.
PayVMS (Payment Virtual Mobile Solutions) is a software development and technology company founded by engineers to exclusively focus on the financial service industry to include e-commerce. PayVMS has worked with Visa, MasterCard, FIS Global, ACI, Mifos X, 3CInteractive, Transfer-To, Uniteller, TIGO, Stripe, Authorize.Net, Control Case, Asterisk, Cisco, A2Billing and Twillio. PayVMS uses a blend of industry expertise to provides both turn-key and fully customizable innovative payment solutions designed to meet the needs of retail and telecommunications companies providing access to the fastest growing segments in the financial technology (FinTech) industry.