iQSTEL, Inc. , an international telecommunication and fintech service provider, today announced entering into an agreement with Payment Virtual Mobile Solutions, LLC (PayVMS) to build a Prepaid Debit Card Service (PDCS). The new PDCS will be constructed under a new corporation named Global Money One, Inc. (www.globalmoneyone.com). iQSTEL will own 75% of Global Money One, Inc. with PayVMS owning the other 25%.
“This PDCS serves as the launchpad of our consumer-reaching fintech operations. The flexibility of the PDCS product is expected to provide a significant benefit to customers and measureable additional value to our shareholders. We look forward to collaborating with PayVMS on this exciting venture and to providing updates on its development and success,” commented Leandro Iglesias, iQSTEL’s CEO.
PDCS is expected to enable customers to make purchases in stores and online, withdraw cash at ATMs or receive cash back when using it to make a purchase, recharge prepaid mobile phone service (domestic and international), and send money domestically or internationally. PDCS is expected to also facilitate the deposit of funds into bank accounts, rewards and digital gift cards. In addition, PDCS customers are expected to be able to execute bill payments and remote deposit capture (RDC) by mobile phone.
iQSTEL and PayVMS project that the PDCS services is expected to generate estimated revenue over five years of $45 million to $128 million with an approximate EBITDA margin of 30% to 40%.
iQSTEL plans to fund the development of the PDCS services through the sale of a minority 24% interest in its Global Money One, Inc. holdings.
The securities offered will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.