TORONTO: XTM Inc., a Toronto-based Fintech company, has signed a deal with DCBank enabling XTM to provide an instantly activated and loaded prepaid Mastercard through a cash accepting kiosk.
Kiosks will be placed at retail venues or throughout business-premises such as stadiums or shopping malls to help completely eliminate cash from their ecosystems.
The cash accepting kiosk solution accepts cash and dispenses activated and loaded Mastercards in the amount of funds inserted at the kiosk. This, coupled with the Today Mastercard program for cashless worker payouts, enables most businesses big or small to eliminate the reliance on cash.
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. The Company is in discussions with multiple parties including large stadium venues, restaurants, large shopping centers and big box retailers.
Businesses may 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.
“Our cash accepting Kiosks are an important step in completing XTM’s delivery of a completely cashless ecosystem for our customers,” said Marilyn Schaffer, CEO, XTM. “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.”
“DCBank is pleased to innovate cashless solutions and services with XTM,” commented Jeff Smith, President DCBank.