Neobank XTM announced on Thursday January 27 that it has signed a partnership agreement with Visa that will see the payments giant launch a debit card for XTM’s Today program.

Based in Miami and Toronto, XTM says it helps businesses and service workers in the hospitality and personal care sectors access earned wages and gratuities.

“XTM’s relationship with Visa will support XTM’s expansion plans with data insights and support powered by Visa’s analytics platform, as well as industry benchmarking and insights. other mutually agreed services,” the company said in a press release.

“Visa is an iconic brand and a leader in digital payments that we want to partner with in our growing US business,” said Marilyn Schaffer, CEO of XTM. “This partnership with Visa will help support our vision and aspirations for the US market. With Visa, we are more than excited about our prospects.

XTM’s Today, consisting of a mobile app and wallet paired with a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and other service-employed businesses in Canada and the United States. United States.

The company cites a Harris survey that shows hospitality and service organizations that give employees daily access to funds have seen improved staff time and attendance, better employee retention and better results. recruitment.

Read more: US Department of Labor announces record 4.3 million layoffs in August

And that’s a good thing for businesses at a time when people are leaving their jobs in record numbers. US Department of Labor figures released last October showed 4.3 million people left their jobs in August, up 242,000 from the previous month.

The restaurant and accommodation sectors lost the most employees, at 892,000. In total, a record one million hospitality workers left their jobs last year.

——————————

NEW PYMNTS DATA: 70% OF BNPL USERS USE BANK PAYMENT OPTIONS, IF AVAILABLE

On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.