Payfare Inc., a top fintech that powers instant payouts and digital banking solutions to the gig workforce, announced its expansion of collaboration with Visa in the U.S. Payfare has received Visa Ready for Fintech Enablers certification. It also expanded its platform with Visa SavingsEdge 2021. Now, Payfare will add Visa Direct1 on its platform to facilitate gig workers real-time payouts.
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 around the world found that 89% of those surveyed said they were most likely to sign-up for real time payments. 66% responded that they would choose gig companies offering real-time pay instead.
“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,” Marco Margiotta, founder and CEO 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.”