Profit booking is something that almost always happens when a stock delivers significant gains and that leads to a sharp correction in the price as well. That is what happened with the Innovative Payment Solutions Inc (OTCMKTS:IPSI) stock which tanked by as much as 22% as investors decided to book profits.
However, such a correction can also prove to be an opportunity for investors and hence, it could be beneficial to take a look at yesterday’s announcement from Innovative Payment Solutions. The innovative firm, which is looking to create a digital wallet ecosystem, announced the soft launch of Beyond Wallet, its newest e-wallet product.
In this regard, it should be noted that the Beyond Wallet product was actually acquired by Innovative Payment Solutions from its fully owned subsidiary company Beyond Fintech Inc. In this context, it is also important to note that the Beyond Wallet product is specifically meant for helping people in sending money to Mexico from the United States.
It is the 3rd biggest market in the world in terms of remittance transaction and represents as much as $43 billion in monetary value. After yesterday’s correction, it will be interesting to see if investors jump on to the Innovative Payment Solutions stock today.