Neobank XTM Launches Visa Debit Card

Neobank XTM announced Thursday (Jan. 27) it has signed a partnership agreement with Visa that will see the payments giant launching 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 get access to earned wages and gratuities.

“XTM’s relationship with Visa will support XTM’s expansion plans through data insights and support benefitting from the Visa Analytics Platform, as well as industry benchmarking and other mutually agreed services,” the company said in a news release.

“Visa is an iconic brand and digital payments leader with which we want to associate our growing U.S. business,” said Marilyn Schaffer, XTM’s chief executive officer. “This Visa partnership will help support our vision and aspirations for the U.S. market. With Visa, we are beyond thrilled with our prospects.”

XTM’s Today, 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 other businesses employing service staff throughout Canada and the United States.

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

Read more: US Labor Dept. Says a Record 4.3 Million Quit Jobs in August

And that’s a good thing for companies at a time when people are quitting jobs in record numbers. Figures from the U.S. Labor Department released last October showed 4.3 million people leaving their jobs in August, up 242,000 people from the previous month.

The food service and accommodation sectors lost the most employees, at 892,000. All told, a record 1 million hospitality workers quit their jobs last year.