Payfare has grown its offering with the integration of Mastercard Send into its financial technology platform, expanding real-time payment options for the gig economy.
Powering digital banking and instant payout solutions for some of the world’s largest on-demand platforms, Payfare will leverage Mastercard’s full-service disbursements and person-to-person platform as it continues in its bid of supporting financial inclusion for all gig workers.
“We are thrilled to add Mastercard Send capabilities to our existing payout and digital banking solutions,” stated Marco Margiotta, CEO and Founding Partner of Payfare. “This partnership will open up new revenue streams for Payfare while providing more choice for our corporate clients and cardholders.”
Mastercard Send allows people and organisations to send and receive money how, where and when they choose. With Mastercard Send, Payfare can send gig worker earnings payouts to virtually all consumer and small business debit cards in the United States and other countries. Gig workers will also be able to send domestic and international money transfers in the Payfare-powered digital banking apps.
“As we continue to watch the pace of change accelerate around digital payments, it’s become clear that waiting days to receive a payment is no longer working,” added Chiro Aikat, Executive Vice President, North America Products & Innovation at Mastercard. “Through the integration of Mastercard Send, Payfare can now better meet the needs of the gig and independent economy by offering greater choice and efficiency.”