Toronto-based fintech XTM has inked a deal with DCBank to provide a loaded prepaid Mastercard in exchange for cash through a cash accepting kiosk.
The kiosk accepts up to $1000 in cash through a bill acceptor and dispenses an instantly activated prepaid card loaded with the same amount.
On average, the entire transaction takes 30 seconds to complete and is completely automated.
XTM CEO Marilyn Schaffer said: “Our cash accepting Kiosks are an important step in completing XTM’s delivery of a completely cashless ecosystem for our customers.
“As there will continue to be cash in circulation for the immediate future, it is perfect timing for us to step in and provide a safe and efficient solution to ensure that all our customers’ needs are met.
These kiosks will be placed at retail venues, stadiums or shopping malls to help eliminate cash completely from their ecosystems.
XTM is in discussions with large stadium venues, restaurants, large shopping centres and big-box retailers for the installation of the cash accepting kiosks.
Businesses at these locations may charge a small fee for the Mastercard or deliver the service for free.
The kiosk solution combined with the Today Mastercard programme will help the retailers put an end to the need for cash.