XTM Inc., a provider of mobile banking and payment solutions, has signed an agreement with DCBank to provide an instantly activated and loaded prepaid Mastercard through a cash accepting kiosk, according to a press release. Kiosks will be placed at retail venues or throughout business-premises such as stadiums or shopping malls to 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.
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.
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