Following this announcement, the expanded partnership is expected to provide international gig workers with instant access to their earning and financial wellness tools, as well as a comprehensive and secure suite of digital banking services.
In addition, the collaboration will also focus on the expansion of Payfare into new markets, including Canada and the United Kingdom with new client programs. The company has been using i2c’s payment platform in order to facilitate instant, zero-cost access to earning for gig workers through its neobanking tools, such as DasherDirect and Lyft Direct.
The full-service digital banking partnership will enable on-demand economy platforms to payout gig worker earnings on their Powered by Payfare cards after every task they have. It also will benefit from cashback rewards on everyday purchases, as well as mobile banking. In addition, both companies will focus on expanding financial access and designing new standards of speed, security, and reliability in the financial services industry.
Payfare had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In April 2023, the company announced its collaboration with NCR in order to deliver self-service financial tools for cardholders. The extended partnership made NCR a provider of self-service financial solutions for Payfare’s cardholders across the region of the United States, for both cash and cash-out payments and transactions.
Payfare was set to use NCR Pay360, an API product that allowed cardholders to access cash in their account by leveraging a simple, secure, and efficient core via Payfare’s digital banking applications. This was set to enable the company’s cardholders to withdraw cash without the need for a physical debit card. With the incorporation of Allpoint+ and the NCR Pay360 tools, gig workers across the country were allowed to access cash with improved flexibility, ease, and speed at convening locations around the region, that they already knew and trusted.
At the beginning of March 2023, the US-based retail technology company Upside announced its collaboration with Payfare In order to integrate Upside’s promotions into the latter’s Payfare’s DasherDirect application.
Throughout this deal, DasherDirect cardholders in the US were enabled to take advantage of Upside promotions at 50,000 gas and food retailers across the region, as well as to claim a personalised fuel, restaurant, or grocery offer in the Perks section on their app at eligible retail locations. These included up to USD 0.25/gas cashback on fuel and up to 45% cash back on food, automatically earned at the point of sale when the purchase was made.
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