MIAMI, TORONTO, January 25, 2022 – 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 report that the majority of the hospitality organizations that have signed-on and are using its Today™ Program for Earned Wage and Gratuity payouts are fully operational and many are planning on further expansion.
According to the Bureau of Labor Statistics, the Food and Hospitality sector has an annual turnover rate of 73.8%, with more than 6% of staff changing their jobs every month. On the Today Program, staff take their app, wallet and card with them when they change jobs leveraging the systems’ ability to pay-out earnings from various sources and creating sales ambassadors for XTM.
A study from The Harris Poll and Ceridian (August 2021) also published on Forbes- reveals that “78% -employees between the ages of 18-44- said free access to on-demand pay would increase their loyalty to an employer” or that “81% would take a job with an employer that provides access to earned wages on-demand at no cost to them over an employer that does not.” This is becoming an increasingly important factor in view of worker shortages.
“It’s been a tough couple of years for the hospitality industry,” said Marilyn Schaffer, CEO, XTM Inc. “However, we do correlate operational efficiency with good business and sustainability. XTM’s digital payout system saves time, resources and ultimately money for restaurant’s operations. We are privileged to drive support for this important, vital and vibrant restaurant community. It’s a win-win as the service workers are also made stronger and more financially included through our Earned Wage and Gratuity Access solution.”
XTM Inc. (CSE:PAID) (OTCQB:XTMIF) (FSE: 7XT) 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 mobile app and wallet paired with a Visa or Mastercard debit card with free banking features, is used by thousands of restaurants, salons and service staff across Canada and the United States.
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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 salon integration will attract new salon 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. 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.
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