Visa and PayActiv Join Forces to Offer On-Demand Access to Earned Wages Disbursed by PayActiv
This new collaboration will allow PayActiv to give its participants the option to receive funds on their Visa card in real-time1 via Visa Direct
There is a global shift toward increasing demand for instant access to funds driven by changing consumer expectations, partly fueled from the rapidly growing gig economy. As more tasks are being requested on-demand, gig economy workers expect to be paid out just as quickly as the task they completed. This demand disrupts the traditional payroll cycles and begs the question: “why is payday every other week?” Currently, more than 50 million Americans struggle to pay bills, and over 78% live paycheck-to-paycheck.2 This trend is leading to productivity loss at work, as one-in-three US employees say they are distracted by personal finance.3
“Visa Direct is helping to power a fundamental shift in how employees
access wages they have already earned, outside of the traditional
two-week payroll cycle,” said
With on-demand access to earned wages from PayActiv and the ability to receive them in real-time through Visa Direct, eligible employees can unlock the benefits that real-time access to funds provide and participating employers can have a competitive advantage and incentive to attract and engage employees. By implementing Visa Direct, PayActiv is able to give users real-time access to PayActiv’s on-demand payroll program, and allows employers to quickly implement the solution, with little to no set-up costs.
PayActiv Visa Prepaid Card
The PayActiv Visa Prepaid Cardis the first general purpose
reloadable prepaid card that offers real-time and recurring access to
already earned, unpaid income. The timely access to these funds is
intended to provide users liquidity and relief from unforeseen fees.
These fees can reduce take-home pay by up to
The PayActiv Visa Prepaid Card has worldwide acceptance at merchants that accept Visa debit cards. Keeping in line with its mission to be a social impact organization, PayActiv does not charge any monthly fees to cardholders and can act as a solution for those who do not have access to a traditional checking account.
Key cardholder benefits of the PayActiv Visa Prepaid Card include:
- Real-time access to earned but unpaid wages, tips, and commissions when using PayActiv.
- The entire suite of financial wellness services of PayActiv are included as an ancillary benefit on the PayActiv Prepaid Visa Card.
- No fee for loading earned wages on the card multiple times within a pay period.
No cardholder fees for usage at merchants within
the United Statesaccepting Visa debit, or cash withdrawals at MoneyPass® ATMs.
- Feature-rich mobile app that enables cardholders to track spending and access to earned wages.
“With financial stress our industry needed earning enlightenment. The
PayActiv Visa Prepaid Card is exactly that - a game changer and a
win-win solution. Employers can get better retention, recruitment and
engagement and employees can get on a path of holistic financial
wellness with timely access to their earned but unpaid wages,” said
The PayActiv Visa Card is issued by
PayActiv is an award-winning holistic financial wellness platform for
employees to get on-demand access to earned but unpaid wages. Businesses
that partner with PayActiv see significant cost reductions through
increased recruitment, engagement and retention. Employees love PayActiv
because it eliminates the expensive between-paychecks tolls of payday
loans, bank overdrafts and late fees. PayActiv also offers a suite of
financial services that include timely access to earned wages, savings
and budgeting tools, bill payment and financial health measurement.
PayActiv has won best in class awards in both FinTech & HRTech and is
the provider for Earned Wage Access to
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.
Caylah Novak, 415-385-7856