The Appeal of Digitized Payment Solutions Continues to Grow
NEW YORK: The boom in the digital payments market is the result of several major factors. These include improvements in internet infrastructure in developing nations, easier to use applications, various innovations in hardware and software such as mobile wallets, P2P mobile payments, real-time payments and cryptocurrencies.
Interestingly, this industry was already gaining traction at an exponential rate before the pandemic. However, after the implementation of social distancing rules, cashless payments have become an appealing alternative for billions of people. And, according to a story in CPA Practical Advisor, digital payments are expected to reach USD 6.6 Trillion in 2021, a 40% jump in two years. XTM, Inc. (CSE PAID) (OTC XTMIF), Coupa Software Incorporated (NASDAQ COUP), Intuit Inc. (NASDAQ INTU), Square, Inc. (NYSE SQ), Bottomline Technologies (de), Inc. (NASDAQ EPAY)
The pandemic has accelerated the move to digital payments, with a sense of urgency not seen before across the B2B landscape. A report by Forbes indicates that the pandemic disrupted business as usual and required vast numbers of employees to work remotely, leaving companies with old legacy payment systems locked in buildings and paper checks piled up in office inboxes across the country. Juniper Research recently indicated that virtual card adoption has increased, with expectations to total over USD 5 trillion in transaction value by 2025. In addition, the overall volume of B2B transactions is also accelerating. According to Deloitte, B2B payments in the U.S. were expected to rise from USD 16.5 Trillion in 2014 to USD 20.1 Trillion in 2020.
XTM, Inc. (CSE PAID) (OTC XTMIF) just announced breaking news that, 'it will launch its payment solution as a continuation of the Black Fox restaurant management tracking app.
BlackFox is an application developed exclusively for restaurant and bar managers and servers. Their seamless cash-out process provides managers with calculation and management of tip-outs, tip reporting management of due-backs and reporting to accounting. Clients include Franworks, one of Canada's largest hospitality groups in the casual dining segment, State & Main, The Keg, Original Joes, and the Rowden Group.
Restaurant sales were estimated for North America at $863B in 2019 with 85% of full-service restaurant bills being paid with Debit or Credit. The COVID-19 pandemic has accelerated the adoption of digital payments. With the significant decline in the use and acceptance of cash and many service businesses declining cash as a form of payment, now more than ever, service industry operators need a solution for earnings and gratuity payouts.
XTM's integration with BlackFox app is completed via its suite of published APIs. The integration makes use of restful API calls, allowing for the creation of account administrators, card holders and card management directly from the BlackFox platform. BlackFox users are not required to do any lifting in order to completely manage and move money to the Today program users. The XTM APIs are publicly available at https//apidocs.mytodaycard.com.
Restaurant staff use their Today mobile app and prepaid card as they would any challenger or neo bank solution with a free mobile bank account and a paired app that empowers bill pay, online commerce, card-present point-of-sale, card-to-card transfer, ACH and eTransfer and more.
'The Today Solution works beautifully with the sophistication of BlackFox' app,' said Marilyn Schaffer, CEO. 'BlackFox solves the tip-out calculations, reporting and accounting problems and we deliver the staff earnings; poetry in motion.'
'We were looking for a way to further the benefits of our solution within the restaurant space,' said Dirk Britton, CEO, BlackFox. 'XTM already owns the earnings payout space so it made the most sense for best-of-breeds to collaborate for the ultimate solution.' (PRN/1 day ago) https://www.newkerala.com/us-news.php
