Visa and PayActiv partner for on demand disbursements
Visa and PayActiv have announced an agreement that enables real-time access to earned wages disbursed by PayActiv. PayActiv partner businesses can now offer real-time deposit capabilities of earned funds to their employees by using Visa Direct’s real-time push payments platform. The funds can be made available in real-time to a Visa debit or reloadable prepaid card, including the PayActiv Visa Prepaid Card.
There is a global shift toward increasing demand for instant access to funds, partly fuelled from the rapidly growing gig economy. As more tasks are being requested on-demand, freelancers and gig economy workers expect to be paid just as quickly as the task they completed. This demand disrupts the traditional payroll cycles.
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 businesses can have a competitive advantage and incentive to attract and engage talent.
By implementing Visa Direct, PayActiv is able to give users real-time access to PayActiv’s on-demand payroll programme, and allows employers to quickly implement the solution, with little to no set-up costs.