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Online Payments

Mastercard, Evolve to help gig workers get early access to wages

Friday 12 July 2019 | 11:03 AM CET

Mastercard has partnered with Evolve to support Branch and other companies that work with large organisations to provide interest-free and pay advances to their gig workers.

Working with employers, Branch provides early wage access so that employees can manage any lag between when bills are due and when the paycheck is received. With Mastercard Send, Branch can push funds in near real time to US debit cards.

This partnership is part of Mastercard’s inclusive growth program in North America, which offers products and services for gig workers. The program leverages Mastercard technology to address the challenges of the digital economy, such as financial security, economic development, and the changing nature of work.

According to Mastercard, research indicates that one-third of total US gig workers received approximately USD 236 billion through pay advances in 2018, in contrast to loans that come with unclear terms and fees. These advances help alleviate the stress of living paycheck to paycheck and provide an opportunity to plan ahead and stabilise finances.

More: Link
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