Weavr has published a report highlighting the growing influence of fintech, particularly embedded finance, on modern business applications.
The company’s latest whitepaper, titled “Flexible Benefits Cards: Employee Choice, Business Control,” focuses on how embedded finance is reshaping HR teams’ management of employee benefits programmes.
According to the Weavr report, spendable benefits cards are emerging as a potential key feature in HR tech.
These spend cards offer a new approach to managing payments within digital businesses, particularly in the HR and benefits sectors. HR and benefits managers using these platforms allocate a benefits budget to employees and establish guidelines for where and how the funds can be used.
However, Weavr points out that 50% of UK-based benefits managers are actively seeking new employee benefits solutions, with 60% identifying “spendable benefit cards” as their preferred fintech feature.
Features of these cards include employer-branded debit cards available in both virtual and physical forms, seamless contactless payments through mobile wallets, customisable spending rules to align with company policies and real-time transaction monitoring for enhanced oversight and visibility.
Alex Mifsud, CEO and Co-Founder of Weavr, commented: “Benefits have become an essential tool for employee engagement in the UK and employee expectations have rapidly evolved to match their experience as consumers. To meet these expectations, new approaches, powered by modern retail payments technology, are required.”
“Our latest report found that half of benefit managers are looking for new solutions to tackle low employee benefits adoption, and fintech tools offer a solution that makes a difference. Embedded finance is already in the pipeline for 72% of UK SaaS businesses, and we’ve seen that HR and benefits tech are among the earliest adopters.”
This is not the first time Weavr has applied its embedded finance expertise to transform employee benefits. In January, the platform partnered with Club Employés to integrate its debit card solutions.
