NEWS
Payfare To Power Real-Time Payments For The Gig Economy With Integration Of Mastercard Send™
2021-06-23 07:00 ET - News Release
June 23, 2021 /PRNewswire/ -- Payfare (TSX: PAY) today announced that it will integrate Mastercard Send™ into Payfare's financial technology platform, expanding real-time payment options for the gig economy. Payfare, who powers digital banking and instant payout solutions for some of the world's largest on-demand platforms will leverage Mastercard's full-service disbursements and person-to-person platform to further its mission in supporting financial inclusion for all gig workers and offer a differentiated payment experience.
Mastercard Send allows people and organizations 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.
"We are thrilled to add Mastercard Send capabilities to our existing payout and digital banking solutions," said 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."
"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," said 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."
About Payfare (TSX:PAY)
Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusion for their workforce.