USD INR ₹ 84.00
GBP INR ₹ 102.84
CAD INR ₹ 60.65

Wise Partners With Payfare To Solve International Money Transfer For Gig Workers

Updated on December 21, 2021 12:00 am
Wise and Payfar

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:

  • Freelancers 
  • Consultants
  • Professionals
  • Crowdsourced network
  • Outsourced teams, etc.

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.

Why Is This Partnership Between Wise And Payfare Important?

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.


Why Should I Use Payfare?

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.

Benefits Of Payfare

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.

What Are The Best Ways To Send Money Abroad For Gig Workers?

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.

Rate article:
Money Transfer FAQ's
Related News
Father son reunion
How To Find A Travel Insurance Policy That Covers Covid-19?

Going into 2024, we learned many lessons from COVID. While borders have reopened and life has gone back to practically how it was before, the desire to reconnect with loved ones and explore new destinations grows stronger. However, amidst the excitement of travel, it's crucial not to overlook the importance of securing adequate travel insurance, especially in the context of COVID-19. In this comprehensive guide, we'll explore the significance of travel insurance, highlight key considerations for finding policies that cover COVID-19, and provide actionable tips for selecting the right coverage to suit your needs.   The Importance of Travel Insurance in the Post-COVID-19 EraDespite the easing of travel restrictions and the gradual return to normalcy, the lessons learned during the COVID-19 pandemic have highlighted the necessity of travel insurance. While the threat of the virus may be diminishing, unexpected medical emergencies, trip cancellations, and disruptions remain a strong possibility. Travel insurance serves as a safety net, offering financial protection and peace of mind for travelers facing unforeseen circumstances, including those related to COVID-19.Understanding COVID-19 Coverage OptionsIn response to the pandemic, many travel insurance providers have adapted their policies to include coverage for COVID-19-related risks.There are two types of travel insurance you can opt for when looking for travel insurance, both covering different situations: travel medical insurance and trip insurance.  Travel Insurance: Provides comprehensive coverage for a range of travel-related emergencies, including medical expenses such as for hospitalization or medication for new injuries or illnesses that occur during one’s travels. It also typically includes benefits such as emergency medical evacuation and lost luggage reimbursement.In response to the pandemic, many travel insurance providers have modified their policies to address COVID-19-related risks. That is why some travel medical policies now include coverage of medical treatment expenses incurred due to COVID-19 during travel (if COVID was contracted during travel). Trip Insurance: Focuses specifically on protecting the financial investment made in a single trip. It typically covers expenses such as trip cancellations, interruptions, or delays, offering reimbursement for non-refundable expenses in case of unforeseen events.Similar to travel medical insurance policies, in response to the pandemic, many trip insurance providers have modified their policies to address COVID-19-related risks.  That is why some trip insurance policies now include coverage for cancellations or interruptions due to contracting COVID-19 prior to travel.Additionally, some policies offer "Cancel For Any Reason" (CFAR) coverage, providing flexibility for travelers to cancel their trip for any reason, albeit with eligibility requirements and time-sensitive limitations.There is no one-size-fits-all when it comes to Travel Insurance: some people travel regularly for work, some work for months and years to save up for a single trip, and some may have to travel urgently for a family emergency.Traditionally most travel insurance policies and plans cover expenses on account of medical emergencies, trip cancellation, interruption or delays, medical evacuation, and lost, damaged, or stolen luggage. However, given the current times, you must look for specific policies covering COVID19.Finding the Best Travel Insurance for COVID-19When selecting a travel insurance policy that covers COVID-19, here are some key features to look for in your travel insurance plan:Comprehensive Coverage: Look for policies that offer comprehensive coverage for COVID-19-related expenses, including medical treatment, quarantine accommodation, and trip interruption or cancellation due to the virus.COVID-19 Testing Coverage: Verify whether the policy includes coverage for COVID-19 testing required for travel purposes. Some insurers may cover the cost of testing as part of their COVID-19-related benefits.Quarantine Expenses: Ensure that the policy provides coverage for quarantine-related expenses, such as accommodation and meals, in the event that you're required to quarantine while traveling due to COVID-19 exposure.Trip Cancellation/Interruption: Opt for policies that offer robust coverage for trip cancellation or interruption caused by COVID-19-related issues, such as illness or travel advisories.Emergency Medical Coverage: Verify that the policy provides adequate coverage for emergency medical expenses related to COVID-19, including hospitalization, doctor visits, and medication.Pre-Existing Conditions: If you have pre-existing medical conditions, most comprehensive coverage plans will not include pre-existing medical conditions, but there are still some that do. Read up on whether or not the policy covers COVID-19 treatment for these conditions, as some insurers may have specific exclusions.Finding the Right Travel Insurance PolicyNavigating the plethora of travel insurance options can be overwhelming, but utilizing online travel insurance marketplaces simplifies the process. Platforms like VisitorsCoverage empower travelers to compare different policies, generate quotes, and access award-winning customer service representatives for assistance. By leveraging these resources, travelers can confidently select a policy tailored to their needs and providing comprehensive coverage for COVID-19-related risks.As travel has resumed in full swing, it is easy to feel like you don’t need to worry about COVID-19 anymore, but it is always good to prioritize your safety and financial protection. COVID-19 may have reshaped the travel landscape, but with the right travel insurance policy, travelers can navigate uncertainties with confidence. Whether embarking on a leisurely vacation, business trip, or family visit, investing in travel insurance offers peace of mind and ensures preparedness for any travel-related emergencies, pandemic or otherwise. Safe travels!

online money transfer mobile application
Taptap Send and CompareRemit Form Strategic Partnership

New York, 27/05/2023 – Taptap Send, the innovative mobile money transfer application, is proud to announce its partnership with leading remittance solution provider With a focus on empowering immigrants, Taptap Send simplifies the process of sending money back home to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal.Sending money across borders has long been a complex and expensive endeavor for immigrants supporting their families and loved ones. Taptap Send was developed to address these challenges, providing a user-friendly mobile application that streamlines and optimizes the money transfer process, all through the convenience of a smartphone.Taptap Send offers a range of features designed to enhance the experience for immigrants sending funds back home:Competitive Rates and No Transfer Fees: Taptap Send leverages technology to streamline operations, resulting in more affordable transfers compared to traditional methods.Mobile Accessibility: The Taptap Send mobile application ensures users can initiate money transfers anytime, anywhere.Transparent Pricing: Users are provided with upfront information on exchange rates, allowing them to make informed decisions and have a clear understanding of the total cost of the transfer.Taptap Send aims to break down the barriers faced by immigrants when sending money back home, enabling them to provide vital support to their families and communities with ease and efficiency.Through its partnership with, Taptap Send further expands its reach and impact, offering immigrants a comprehensive range of remittance solutions tailored to their specific needs and requirements.To learn more about Taptap Send and explore the various money transfer options available for sending funds to India, Pakistan, Philippines, Bangladesh, Sri Lanka, and Nepal, please visit the Taptap Send website.About Taptap Send:Taptap Send is a mobile money transfer service that simplifies and enhances the process of sending funds internationally. Designed with immigrants in mind, Taptap Send offers a user-friendly mobile application that empowers users to initiate money transfers conveniently and affordably, providing vital support to their families and loved ones across borders.Media Contact:Name: Anthony JacobTitle: Head of Growth, South AsiaEmail: [email protected]

US dollar chart rising
How the US Dollar is Getting Stronger Against the Indian Rupee

The Indian Rupee has closed at a 20-week low against the US dollar. Paired with the unexpected outcome of the US presidential election this past week, the main reasons for dragging the rupee down can be accredited to the strike on black money via demonetization of high-value currency notes and weak industrial output. The US currency, in turn, has strengthened based on speculations that the policies of the US President-elect Donald Trump would be inflationary and lead to a rise in the interest rates, thus impacting foreign money flow to emerging countries like India.Foreign investors withdrew over Rs. 2,350 crore from the stock markets as the US-backed assets are looking more attractive and as a result, the economy is expected to improve in the coming quarters.According to India ratings, the sudden decline in money supply and a simultaneous increase in bank deposits - due to withdrawal of 500 and 1000 rupee notes - will adversely impact consumption demand in the economy. This, coupled with the depreciation of real estate, construction and informal sectors, will further weaken the rupee in the upcoming months. It is very much possible in the upcoming months, as well as even forecasted by many agencies, that US Dollars will become stronger against Indian Rupees. All this means is that the spending power of the NRIs will increase, leading to a rise in the remittance flow to India.Compare. Save. Send Money Home Wisely.TODAY'S BEST RATE USD to INRAdditional ReadingHow will India's Currency Ban Affect NRIs in the USA?How India's currency ban of Rs. 500 & Rs.1000 will affect NRIs?How much Indian Rupees can one carry to India?

Download the CompareRemit App
Download the CompareRemit App
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.
Personalize your CompareRemit experience with your preferred corridor and receive target exchange rate notifications, seamless transitions to partner apps, and real-time comparisons of top remittance providers at your fingertips.

Get Listed or Advertise

Download Our Free App

Try our faster, enhanced mobile app for a better experience

CompareRemit App