XTM, a Canada-based fintech that provides mobile banking and payment card solutions, announced on Tuesday it has formed a partnership with DCBank to provide an instantly activated and loaded prepaid Mastercard through a cash accepting kiosk. XTM reported that Kiosks will be placed at retail venues or throughout business-premises such as stadiums or shopping malls.
“With COVID-19 concerns surrounding cash, employees and employers want to eliminate the need to accept or dispense cash but do not want to alienate customers or turn away business. The kiosk will allow users to securely insert up to $1,000 in cash through a bill accepter, and in turn an activated and loaded Mastercard is dispensed. The entire transaction is completely automated and takes on average 30 seconds to complete.”
XTM further revealed that it is in discussions with multiple parties including large stadium venues, restaurants, large shopping centers, and big-box retailers. Businesses may notably charge a small fee for the Mastercard, however, some are electing to subsidize the transaction and deliver the service for free as the cost savings and safety factors of eliminating cash outweigh the nominal cost of the card. Marilyn Schaffer, CEO of XTM, added:
“As there will continue to be cash in circulation for the immediate future, it is perfect timing for us to step in and provide a safe and efficient solution to ensure that all our customers’ needs are met.'”
Founded in 2006, XTM acquired, developed, and integrated solutions businesses of every size, which includes challenger banks, credit unions, consumers, and governments. The company’s goal is to disrupt traditional banking with its white-labeled mobile wallet, banded Visa and Mastercard solutions, and platform.