XTM to Roll-Out 100,000 Mobile Wallets and Virtual Debit Cards Across the United States

Rhea-AI Summary

XTM, a fintech company based in Miami and Toronto, launches a mobile wallet, virtual debit cards, and W2 access for over 100,000 hospitality clients in the U.S. This initiative aims to enhance employee access to wages and gratuities through the Today program, starting with W2 access in Q1. CEO Marilyn Schaffer highlighted that this roll-out significantly boosts U.S. market penetration. XTM's services facilitate earned wage access and have potential to increase revenue through heightened engagement on its platform.

Positive

• Launch of mobile wallets, virtual debit cards, and W2 access for over 100,000 clients.
• Initiative expected to substantially increase revenue through user engagement.
• CEO indicates significant U.S. market penetration potential.

Negative

• None.

XTM Will Deliver Partner Payroll Recipients With Mobile Wallet, Opt-In Virtual Debit Card and Portal Access to W2s

MIAMI & TORONTO--(BUSINESS WIRE)-- XTM, Inc. (“XTM” or the “Company”) (QB: XTMIF / CSE:PAID / FSE:7XT), a Miami and Toronto-based Fintech company in the neo-banking space, providing mobile banking and payment solutions around the world, is pleased to announce the roll-out of mobile wallets, W2 Wage and Tax Statement access and virtual debit cards through a partner integration to more than 100,000 hospitality clients across the United States.

XTM will initiate the roll-out with employee access to W2 in Q1 and continue the installation with mobile wallet and virtual cards, delivering payouts and the benefits of the Today^™ program to employees of Earned Wage Access (EWA). The added volume of users on XTM’s platform has the ability to apply a significant multiple to the company’s Gross Dollar Value load and thereby revenue.

“This is an example of our pursuit of partnerships that are complementary to the existing suite of Today services including US and Canada payroll services, compliance and employee on-boarding,” said Marilyn Schaffer, CEO, XTM. “Our partner is licensed and currently executing payroll in 50 states. This roll-out exponentially accelerates our US market penetration.”

About XTM

XTM, www.xtminc.com, is a Miami and Toronto-based fintech innovator in the neo-banking space, helping businesses and service workers in the hospitality and personal care space disseminate and access earned wages and gratuities. XTM's Today^™ Solution, comprised of a free mobile app and a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and staff across Canada and the United States. XTM is a global card issuer and real-time payment specialist. Our technology is used by Restaurants, Salons and service staff at no charge to automate and expedite Earned Wage and Gratuity Access, increasing time and attendance and eliminating cash from ecosystems. XTM's Today solution drives operational efficiencies and delivers a bespoke user experience designed specifically for service workers.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (the “forward-looking statements”), within the meaning of applicable Canadian securities legislation, including expected performance of XTM, the expectation that businesses with which XTM does business or have committed to do business will in the expected timeline, the continuing trend toward electronic payment methods, that the integrations will attract new business owners to use the Today program, and the general conditions and revenues of XTM. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. While XTM can make best efforts to estimate when businesses will re-open or back to pre-Covid 19 business levels there are no guarantees this will happen in the time the Company expects or if at all. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.

The CSE has not approved nor disapproved the contents of this press release, and the CSE does not accept responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220216005548/en/

Marilyn Schaffer

E: finance@xtminc.com

T: 416.260.1641

Source: XTM, Inc.

FAQ

What services is XTM providing with its latest announcement?

XTM is rolling out mobile wallets, virtual debit cards, and W2 access for over 100,000 hospitality clients in the U.S.

When will XTM's W2 access be available?

W2 access will begin in Q1 as part of XTM's new offerings.

What is the significance of XTM's partnership in its latest rollout?

The partnership allows XTM to accelerate its U.S. market penetration significantly.

How does XTM expect the new services to impact revenue?

The new services can potentially increase revenue by amplifying user engagement and Gross Dollar Value on its platform.

Is XTM's rollout limited to a specific region?

The rollout is focused on over 100,000 hospitality clients across the United States.