Company completes the next phase of its fintech corporate development with the integration of traditional and mobile payment solutions.
TORONTO, ON / ACCESSWIRE / April 26, 2021 / Liquid Avatar Technologies Inc. (CSE:LQID)(OTC PINK:TRWRF)(FRA:4T51) ("Liquid Avatar Technologies" or the "Company") a global blockchain, digital identity and fintech solutions company, is excited to announced that it has launched the KABN Prepaid Visa Card in Canada, powered by the XTM Inc. (PAID)(XTMIF) payment platform and its sponsoring financial institution.
Liquid Avatar Technologies has begun to roll out the program in Canada and has plans to expand its card program rollout to other geographic regions subject to all necessary approvals. The KABN Prepaid Visa Card and Card App will provide users with a host of services similar to those of major financial institutions. Additionally, the KABN Prepaid Visa Card will integrate seamlessly with the Liquid Avatar mobile App, providing qualified Liquid Avatar App users with an easy way to apply for and access their KABN Prepaid Visa Card directly from the Liquid Avatar mobile App.
KABN cardholders will automatically be entitled to participate in KABN KASH, an exclusive and customized consumer experience where users can earn cash back on transactions with over 400 major online merchants, like Chapters Indigo, Walmart, Lenovo, Sephora, Viator, Nike and others. Liquid Avatar mobile App users that also have a KABN Prepaid Visa Card will, from time to time, receive additional bonus offers.
As part of its onboarding strategy for KABN Prepaid Visa Cardholders, the Company's state of the art, Verifiable Credentials Ecosystem, will provide users with a digital identity verification and validation services at no charge. Thus, allowing them to prove their identity continuously without the hassle of verifying time and time again to a growing list of online service providers and other value-based programs. In turn, validated users are qualified, subject to permissions and necessary approvals, for unique and customized financial services other value-based opportunities via KABN KASH.
According to Prepaid Cards Canada (Payments Canada 2020) Canadian Payments: Methods and Trends 2020, in 2019, prepaid cards, either plastic or virtual, grew significantly at the Point of Sale ("POS") with respectively, an 8% increase in volume and a 6% increase in value.
Nearly one in five Canadians either purchased or received at least one prepaid card per month. Young adults, those aged 18 to 34, and unbanked Canadians are the most common users of prepaid payments products. This is driven by a lack of access and acceptance of traditional banking products and services. Prepaid cards are starting to be used by a wider base, as those who seek security and identity protection for purchases have turned to prepaid cards as an alternative to cash. As prepaid cards are not directly linked to user account information, they offer an electronic method of payment that carries many of the benefits of cash.
A recent study found that 70 per cent of Canadians are more concerned about fraud today than they were five years ago, which can drive more consumers towards prepaid cards to minimize the risks that come with sharing financial information online or using cards directly linked to banking accounts. The use of prepaid cards has been accelerated by emerging e-commerce and mobile payments trends. Prepaid cards accounted for 10 per cent of e-commerce payments in 2019.
Canadians were three times more likely to use a prepaid payment for e-commerce than they were at physical POS merchant locations. The growing use of mobile payments also plays a significant role in accelerating prepaid card use. In 2019, 80 per cent of prepaid POS purchases were made using closed-loop store cards, with a notable number of prepaid purchases being linked to mobile devices and virtual prepaid cards. Over a quarter of Canadians (28 per cent) used at least one prepaid virtual card. The use of prepaid cards at these establishments is directly linked with rewards and loyalty programs that drive consumer usage.
"The KABN Prepaid Visa Card will give Canadian users access to unique value programs helping to enhance their spending power wherever Visa is accepted, in more than 200 countries and territories worldwide," said Michael Konikoff, Chief Revenue Officer of Liquid Avatar Technologies. "We are excited to be launching this pivotal part of our fintech network and to be working with XTM to accelerate our joint business efforts in Canada."
"Liquid Avatar Technologies' unique business model creates opportunity to convert a growing number of qualified, authenticated users into active program participants," said Marilyn Schaffer, CEO, XTM. "We expect to see rapid growth of this dynamic user base throughout Canada."
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About XTM - www.xtminc.com
XTM, www.xtminc.com is a Miami and Toronto-based fintech innovator in the neo-banking space helping business and workers alike expedite earnings payout. We are a global card provider and real-time payment specialist providing our technology to businesses to automate and facilitate early wage access and eliminate cash. XTM integrates businesses to a payment ecosystem that is coupled with a free mobile app and a Visa or Mastercard card with free banking-style features. XTM drives enterprise value and creates a positive user experience.
About Liquid Avatar Technologies Inc. - www.liquidavatartechnologies.com
Liquid Avatar Technologies Inc., through its wholly owned subsidiary KABN Systems North America Inc. focuses on the verification, management and monetization of Self Sovereign Identity, empowering users to control and benefit from the use of their online identity.
The Liquid Avatar App, available in the Apple App Store and Google Play is a verified Self Sovereign Identity platform that empowers users to create high quality digital icons representing their online personas. These icons allow users to manage and control their digital identity and Verifiable Access and Identity Credentials, and to use Liquid Avatars to share public and permission based private data when they want and with whom they want. www.liquidavatar.com.
KABN North America has a suite of revenue generating programs that support the Liquid Avatar program, including KABN KASH a cash back and reward program that has over 400 leading online merchants and coming soon, an integrated offering engine. In Canada, KABN also has the KABN Prepaid Visa Card, a "challenger banking" platform that allows users to manage and control a range of financial services for traditional and digital currencies. The Company is currently exploring expansion of the KABN Visa program to other geographic regions, including the USA.
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Liquid Avatar Technologies Inc. is publicly listed on the Canadian Securities Exchange (CSE) under the symbol "LQID" (CSE:LQID).
The Company also trades in the US under the symbol "TRWRF" and in Frankfurt under the symbol "4T51".
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Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the timing for the launch of Liquid Avatar apps, the plans for future features of the Liquid Avatar apps, expected geographic expansion, the ability of the Company to generate revenues, roll out new programs and to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: failure to obtain necessary approvals in a timely manner or at all; lack of sufficient capital to expand the Company's geographic footprint or to add new features to the Company's offerings; changes in general economic, business, and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.
SOURCE: Liquid Avatar Technologies Inc.
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