This week, XTM launched a Global Workers Payout Program called PayNow. XTM is a provider of payment solutions, including tipping-payout and certified earned wage access (EWA) through QRails AnyDay.
The new program empowers temporary workers to open a secure digital bank account to receive earnings, load cash at 50,000 locations across the United States, make POS transactions with a paired debit card and access employee benefits, including repatriation and sick day pay.
According to the Bureau of Labor Statistics in the U.S. Department of Labor, migrant workers make up 17.4% of all workers in the U.S. labor force. Included in the migrant worker numbers are 2.8 million temporary workers in the US, including agricultural workers.
“This program represents an important launch for us,” said XTM CEO Marilyn Schaffer. “It’s important for two reasons: one, that we care deeply about creating financial inclusion for those that have been underserved and have had limited advantages in the payment, remittance and insurance ecosystem and two because this program with anticipated utilization represents an economic game-changer for XTM.”
“This program is designed to foster financial wellness and inclusion, something we want to be a part of,” said Jorge Luevanos, founder of JLS Services. “It empowers temporary workers to send money back to Mexico affordably and securely while offering essential employee benefits for their peace of mind.”
Workers will discover the program through their employers, on work assignments at the Mexican Foreign Ministry and independently through a variety of impactful touchpoints, including social media, designed to minimize engagement costs and maximize conversions.
Following the initial launch of PayNow in the United States, the XTM intends to expand the solution in both the United Kingdom and Canada, which, along with the U.S., are in the top 5 countries globally employing the largest number of temporary and migrant workers. Employers can deposit their migrant and temporary workers’ pay directly to a digital account via ACH direct deposit, deposit cash or issue a paycheck for deposit. Workers can instantly make remittance transfers from their digital account to Mexico (and soon other countries).
