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Wise, a money transfer specialist that went public recently, partnered with Payfare, the digital banker to America's gig workforce. Together, they are on a joint mission to solve the cross-border money transfer problem for gig workers worldwide.
One of the significant shifts during the pandemic was the quick adoption of gig workers by businesses. Beyond Lyft, Uber, and other aggregator platforms, companies around the world relied on skilled gig workers to bridge the resource and talent gap.
Gig workers can be anyone that performs an income or fee earning activity outside a long-term employer-employee relationship. The gig workers encompasses many form of service providers such as:
A 2019 Mastercard study estimated that the global gig economy generates US $204 billion in gross volume, and is expected to grow by 17 percent by 2023.
For starters, the traditional ways of sending are not fit for the gig economy. Imagine giving US $7 for every US $100 you make. That is how much it costs to send money internationally - an average of 7 percent.
The cost may vary depending on the country you are sending from, the country you are sending to, and the money transfer company facilitating your transfer.
This newly formed job industry needs a banking or financial transaction system that supports and empowers both service creators and the serving workforce.
PayFare is an emerging mobile phone-based digital banking system offering instant payouts to gig workers. The partnership with Wise, a money transfer specialist making international money transfer quick, easy, and convenient, will deliver an experience tailored for the gig economy.
Payfare has been on a strategic hunt for partnerships leading up to this announcement. Other key developments of Payfare are:
Launched instant pay for DasherDirect users: Giving access to automatic, no-fee payouts after every dash DasherDirect, DoorDash delivery. Drivers/Dashers can access their earnings faster through direct response to Dasher feedback requesting access to their earnings without having to wait for collective payment at the end of a week. Therefore, to avoid work now and get paid later policy.
Integrating with Plaid: Payfare integrates with Plaid money transfer financial service company to streamline the onboarding of Payfare users. Allowing them to swiftly and securely connect their account to the applications and services of their choice on their phones.
Payfare plans to leverage its Plaid integration to enable new banking features and products to cater specifically to the financial needs of the gig workforce. They are currently under development for their launch in early 2022.
Leveraging the RTP network: By connecting to The Real-time Transport Protocol (RTP), Payfare is adding the ability to support payments to bank accounts immediately with enhanced speed and security. Therefore, offering more choice for its corporate clients and users.
If you are a gig worker, payout and payment platforms are a hassle. Payfare is the complete digital financial ecosystem for the gig economy.
Payfare offers simple mobile banking, instant payout solutions, and loyalty-reward solutions for the gig worker in the digital age. Payfare is already powering brands such as Uber, Lyft, and DoorDash, to provide financial health and benefits for their workforce.
The partnership with Wise ensures that you don't need to line up for assistance physically at a bank or search for the nearest money transfer agency.
Instant pay: Payfare provides instant payouts. Each morning the earnings will get deposited to your Payfare account, providing the option to cash out your available earnings anytime, up to 5 times a day. Giving you instant access to your funds immediately without any hassle.
Gig workers need not wait for a week or weeks to receive payments. They can now get instantly paid through Payfare's tie-up with most mobile app services like Lyft, Uber, DoorDash, etc.
Payfare Mastercard: This digital banking app gives you the Mastercard facility to instantly deposit all your earnings. You can withdraw, transfer and keep your earnings saved in your PayFare account MasterCard.
Secure and safe payment system: PayFare plans to offer instant payout and tailored digital banking solutions for all contract workers. A one-stop solution for the gig workforce to provide all necessary banking services and help send remittances to friends and family abroad.
International money transfer: Payfare aims to facilitate international money transfers through the infrastructure of Wise by 2022. To become a leader in low-cost international money transfers from job workers' accounts to their loved ones abroad.
Payfare, which is working with some of the world's largest on-demand platforms, will be the first online-based banking medium with Wise to enable the growing gig economy to send money internationally.
Wise offers low-cost transfer fees and real-time exchange rates for cross-border transfers. Wise's strategic goal aligns with Payfare's mission to enable a quick, easy, and convenient financial platform for the global gig economy.
The best way to send money abroad largely depends on the transfer fees, exchange rates, and transfer speed. Depending on your need, the best money transfer will differ.
For instance, Wise is consistently one of the best money transfer companies that offer a high USD/INR exchange rate, while Xoom, a PayPal service, is one of the fastest ways of sending money.
Sounds confusing? When in doubt, compare the top money transfer companies on CompareRemit, and save on every transfer.
In conclusion, with the new emerging job roles, we need a banking system that is quick, easy, and hassle-free. Payfare and Wise are gearing up to serve this growing gig economy.
According to Payfare, it is a global addressable market of US$455 billion. The ecosystem focuses on solving the pain points and catering to the banking needs by providing a reliable financial system that works for the gig workforce.
Simplifying the way we open a bank account, save, deposit, and send remittances back to your home country instantly without any hassle. The partnership is on its way to becoming a one-stop mobile banking and financial solution for all the gig workforce.
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