Payfare Expands Collaboration with Visa in the U.S.
Adds Visa Direct to expand real-time payments capabilities for the gig workforce
TORONTO–(BUSINESS WIRE)–$PAY #gigworkers—Payfare Inc. (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced the expansion of its collaboration with Visa in the U.S. After obtaining its Visa Ready for Fintech Enablers certification and expanding its platform with Visa SavingsEdge in 2021, Payfare will now add Visa Direct1 to its platform to help facilitate real-time2 payout experiences for gig workers.
Visa Direct, Visa’s real-time push payments platform, facilitates money movement to billions of endpoints worldwide through a single integration. A Visa survey of gig workers worldwide showed that 89 percent of respondents indicated they were likely to sign up for real-time payments, while 66 percent responded that they would select gig companies who offered real-time payments instead of others3.
“We are excited to expand our collaboration with Payfare to help enable fast access to funds for their U.S. customers through Visa Direct,” said Ruben Salazar, SVP, global head, Visa Direct. “By working with Visa, fintech companies like Payfare can help transform traditional payment processes into differentiated digital experiences to better support the financial health of today’s global gig workforce.”
“We have recognized that workers joining the gig economy are entrepreneurs not only seeking flexibility in their work schedule, but also in how, and how fast, they are paid,” said Marco Margiotta, CEO and Founding Partner of Payfare. “We look forward to expanding our relationship with Visa, as the integration of Visa Direct on Payfare’s platform will enhance access to real-time payments for workers in the growing gig economy while better supporting their financial well-being.”
About Payfare (TSX:PAY)
Payfare Inc. is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.
For further information please visit www.payfare.com.
1 Visa Direct capability enabled through Payfare’s financial institution partners.
2 Actual fund availability depends on receiving financial institution and region.
3 This research was commissioned by Visa and conducted online by Directions Research, Inc. from Dec 5, 2019 to Jan 6, 2020. The 2,326 respondents were on-demand gig workers, from the US, Canada, the UK, Ireland, France, Spain, Poland, Ukraine, Russia, South Africa, India, Singapore, Australia, Brazil, Peru and Colombia
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