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Market Overview

The Appeal of Digitized Payment Solutions Continues to Grow


NEW YORK, Feb. 5, 2021 /PRNewswire/ -- 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

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.'"

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Coupa Software Incorporated (NASDAQ:COUP) reported back in November that Walmart chose Coupa to upgrade its source-to-pay processes. Coupa's BSM platform is expected to enhance Walmart's visibility into its global spend, create better efficiencies across its business, and drive incremental savings in the company's end-to-end procurement process. Walmart selected Coupa for the software leader's modern and comprehensive platform, industry-leading source-to-pay and contracting solutions, and likeminded focus on delivering the best value to its customers. "Today, we have multiple, complex procurement systems across our business. Coupa's unique technology solution will help us optimize and harmonize our source-to-pay processes, providing cost savings, a simplified system and greater ease of use," said DK Singh, chief procurement officer at Walmart.

Intuit Inc. (NASDAQ:INTU) provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. Accountant and QuickBooks Accountant Desktop Plus solutions; payroll solutions, such as online payroll processing, direct deposit of employee paychecks, payroll reports, electronic payment of federal and state payroll taxes, and electronic filing of federal and state payroll tax forms. This segment also offers payment-processing solutions, including credit and debit cards, and ACH payment services; and financial supplies and financing for small businesses.

Square, Inc. (NYSE:SQ) reported back in November that it has entered into a definitive agreement with Credit Karma to acquire its tax business, Credit Karma Tax, on behalf of Cash App, the financial services app that allows individuals to spend, send, store and invest money. Square will pay USD 50 Million in cash for Credit Karma Tax, which provides a free, do-it-yourself tax filing service for consumers. "We created Cash App to provide more access to the masses of people left out of the financial system and are constantly looking for ways to redefine our customers' relationship with money by making it more relatable, instantly available, and universally accessible," said Brian Grassadonia, Cash App Lead. "That's why we're thrilled to bring this easy-to-use tax product to customers as we continue to build out the suite of tools Cash App offers. With this acquisition, we believe Cash App will be able to ease customers' burden of preparing taxes every year."

Bottomline Technologies (de), Inc. (NASDAQ:EPAY) announced yesterday that it has expanded corporate treasury capabilities as part of its integrated Payments and Cash Lifecycle Platform. The platform empowers financial managers to optimize cash, liquidity and working capital with a unified solution combining payables, receivables, and treasury management, delivering greater visibility and control throughout the end-to-end cash lifecycle. The integrated solution enables seamless management of a corporate's banking, payments and cash management activities, reducing the complexity and inefficiencies associated with multiple systems, separate processes and fragmented data. Bottomline's Payments and Cash Lifecycle Platform includes tools to initiate and manage payments, automate payables and receivables, conduct sophisticated cash flow forecasting and scenario planning, optimize liquidity and investment returns, and manage borrowing needs and banking relationships.

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