Visa and Postmates Deliver “Instant Deposits” to Postmates’ Fleet via Stripe Instant Payouts
As the on-demand economy continues to grow, Visa Direct, Visa’s push-to-card solution, helps offer flexibility and choice for workers to access funds earned in real-time1
The Postmates fleet is responsible for facilitating the millions of deliveries that Postmates makes each month. Since launch in 2011, Postmates has relied on Stripe Connect, Stripe’s product for multi-sided marketplaces, to handle all aspects of the payments experience, including accepting payments from customers and sending payments to “postmates.” Now with this new agreement for Visa Direct, “postmates” who are Visa cardholders will be able to use Stripe Instant Payouts to gain real-time access to their earnings, as opposed to waiting 4-7 business days to receive payouts. By routing transactions through Visa Direct, Postmates is able to offer members of its fleet a quick, secure payment experience that sets them apart from competitors.
“As we see the on-demand economy gain momentum, Visa Direct’s real-time funds disbursement capability allows funds to be available to individuals in minutes – including nights, weekends, and holidays – providing flexibility and choice for workers to access their earnings,” said
As a world leader in digital payments, Visa is committed to providing faster innovative payment solutions that can help on-demand economy businesses and workers meet specific payments challenges. Visa has identified partners like Stripe, whose Instant Payouts feature uses Visa Direct to help businesses send money in real time to employees, contractors and service producers for wages, expenses and other business payment disbursements. An overwhelming majority of on-demand workers, 84%, reported they would do more work if they were paid faster3. Moreover, recent research by
Postmates helps customers in 400 cities with food, grocery or whatever-you-can-think-of delivery, whenever they need it. Together with Visa Direct, Postmates is integrating Stripe’s Instant Payouts to attract and retain its fleet in
“Teaming up with Visa and Stripe to give our more than 200,000 ‘postmates’ what they need, real-time access to their earnings, was an easy decision,” said
For more information about Visa Direct, visit: https://usa.visa.com/partner-with-us/payment-technology/visa-direct.html.
About Visa Inc.
Postmates helps people unlock the best of their cities – and their lives, with an insanely reliable on-demand "anything" network. Launched in 2011, Postmates pioneered the on-demand delivery movement in the US by offering delivery from restaurants and stores previously only available offline. The company now operates in more than 400 US cities, as well as
1 Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to the Visa Direct team and the Visa Direct Original Credit Transaction Global Implementation Guide for more information.
2 See citation 1
3 PYMNTS’s Gig Economy Index | https://www.pymnts.com/digital-payments/2018/uber-lyft-gig-economy-instant-pay/
View source version on businesswire.com: https://www.businesswire.com/news/home/20181003005264/en/
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