Last Updated: 21.8.2023 17:49
XTM, Through its QRails AnyDay Earned Wage Access (EWA) Product Reports Strong U.S. Market Growth, With a Steady 3X Increase in EWA User Adoption in the Past 90 Days
XTM Inc. (CSE: PAID) (OTCQB: XTMIF) (FSE: 7XT), a Miami and Toronto-based Fintech creator of disruptive payment innovations, including fully certified Earned Wage Access (EWA) through its QRails AnyDay™ product, provides an update on its EWA growth in the U.S. as it sees a steady 3X increase over the past 90 days in EWA user adoption.
Since signing definitive terms on the XTM QRails Definitive Agreement, the company has been working on and is in the final stages of closing a lending facility to enable it to open its pipeline of signed EWA business fully.
Through the QRails business-to-business model, large organizations power their Digital Wallets and EWA solutions through a white-label of the QRails fully certified EWA product.
As financial pressure increases, accessing earnings, on-demand is quickly becoming table stakes for employers seeking to competitively recruit, retain and enable financial wellness for their employees.
- While the number of U.S. households that have access to a bank account has steadily risen in the last decade, approximately 5.4% of American households remain unbanked, according to the Federal Deposit Insurance Corporation’s (FDIC’s) How America Banks: Household Use of Banking and Financial Services report. Further, while wages are rising across the United States, 61% of Americans live paycheck to paycheck.
- Financial challenges are not just impacting lower-income earners. The February 2022 New Reality Check: The Paycheck-to-Paycheck Report found 42% of consumers earning more than $100,000 annually lived paycheck to paycheck in December 2021, an increase from 39% in May 2021. They are not only challenged to pay monthly bills but would have trouble covering an emergency expense of $400.
- PwC’s “Employee Financial Wellness Survey” found 63% of employees saying their financial stress has increased since the beginning of the pandemic. Among those with money-related anxiety, nearly half (49%) said their mental health had been adversely affected, including 41% citing on-the-job productivity challenges and declining engagement and attendance. Further, 42% of this group is twice as likely to be looking for a new job.
Shares of XTM last traded at $0.18 per share, up +9.38% on the day. YTD, PAID stock is up +59.09%.
XTM Inc. (CSE: PAID) is a paid client of Wealthy VC.
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