XTM To Provide Cannabis Business With Cashless Payment Network

Fintech company XTM Inc. PAID 7XT disclosed Thursday its intentions to team up with an undisclosed US-based cannabis retailer to introduce a proprietary cashless payment network.

Under the letter of intent, XM agreed to private-label its current mobile wallet and payment network technology.

The Toronto-based company noted it would complete development for merchant settlements and also set up banking partnerships and manage the network.

In addition, XTM would own 50% of the new entity, to which it will license the technology.

The undisclosed party opted to utilize the technology within all its e-commerce platforms, the press release said.

XTM confirmed it would integrate its Know Your Custome into the application, that way, minimizing the chance for fraud and chargebacks.

The company already set up a new website for the purpose. It expects to process up to one-half million transactions monthly by the year-end.

Meantime, other fintech companies have been ramping up toward providing cannabis businesses with improved payment solutions.

Last week, AeroPay confirmed a collaboration with Safe Harbor Private Banking on a payments service for cannabis, CBD, and non-plant touching ancillary service businesses. The Chicago-based company opted to use its technology to streamline the payment process.

In return, Safe Harbor said it would provide cannabis business with banking services and transaction processing.

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