Visa and PayActiv Join Forces to Offer On-Demand Access to Earned Wages Disbursed by PayActiv

This new collaboration will allow PayActiv to give its participants
the option to receive funds on their Visa card in real-time
1 via
Visa Direct

SAN FRANCISCO–(BUSINESS WIRE)–Today, Visa (NYSE: V) and PayActiv announced a new agreement that
enables real-time1 access to earned wages disbursed by
PayActiv. The demand for instant access to earned funds has now extended
to traditional batch payroll – gone are the days of waiting two weeks to
be paid. PayActiv partner businesses can now offer real-time deposit
capabilities of earned funds to their employees by utilizing Visa
Direct’s real-timepush payments platform. The funds can be
made available in real-time to a Visa debit or reloadable prepaid card,
including the new PayActiv Visa® Prepaid Card.

There is a global shift toward increasing demand for instant access to
funds driven by changing consumer expectations, partly fueled from the
rapidly growing gig economy. As more tasks are being requested
on-demand, gig economy workers expect to be paid out just as quickly as
the task they completed. This demand disrupts the traditional payroll
cycles and begs the question: “why is payday every other week?”
Currently, more than 50 million Americans struggle to pay bills, and
over 78% live paycheck-to-paycheck.2 This trend is leading to
productivity loss at work, as one-in-three US employees say they are
distracted by personal finance.3

“Visa Direct is helping to power a fundamental shift in how employees
access wages they have already earned, outside of the traditional
two-week payroll cycle,” said Cecilia Frew, SVP Global Commercialization
of Visa Direct, Visa. “We are proud to be partnering with PayActiv to
offer additional choice and flexibility to employers and employees when
managing their financial well-being.”

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 employers can have a competitive advantage and incentive
to attract and engage employees. By implementing Visa Direct, PayActiv
is able to give users real-time access to PayActiv’s on-demand payroll
program, and allows employers to quickly implement the solution, with
little to no set-up costs.

PayActiv Visa Prepaid Card

The PayActiv Visa Prepaid Card is the first general purpose
reloadable prepaid card that offers real-time and recurring access to
already earned, unpaid income. The timely access to these funds is
intended to provide users liquidity and relief from unforeseen fees.
These fees can reduce take-home pay by up to $200 every month4.

The PayActiv Visa Prepaid Card has worldwide acceptance at merchants
that accept Visa debit cards. Keeping in line with its mission to be a
social impact organization, PayActiv does not charge any monthly fees to
cardholders and can act as a solution for those who do not have access
to a traditional checking account.

Key cardholder benefits of the PayActiv Visa Prepaid Card include:

  • Real-time access to earned but unpaid wages, tips, and commissions
    when using PayActiv.
  • The entire suite of financial wellness services of PayActiv are
    included as an ancillary benefit on the PayActiv Prepaid Visa Card.
  • No fee for loading earned wages on the card multiple times within a
    pay period.
  • No cardholder fees for usage at merchants within the United States
    accepting Visa debit, or cash withdrawals at MoneyPass®
    ATMs.
  • Feature-rich mobile app that enables cardholders to track spending and
    access to earned wages.

“With financial stress our industry needed earning enlightenment. The
PayActiv Visa Prepaid Card is exactly that – a game changer and a
win-win solution. Employers can get better retention, recruitment and
engagement and employees can get on a path of holistic financial
wellness with timely access to their earned but unpaid wages,” said
Safwan Shah, CEO of PayActiv. “The PayActiv Visa Prepaid Card changes
the paradigm of how workers get paid. PayActiv processed more than $1B
in 20185 and we anticipate a significant expansion in both
customer base and volumes during 2019.”

The PayActiv Visa Card is issued by Central Bank of Kansas City, Member
FDIC, and processed by i2c.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network – enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit About
Visa
https://usa.visa.com/visa-everywhere/blog.html
and @VisaNews.

About PayActiv Inc.

PayActiv is an award-winning holistic financial wellness platform for
employees to get on-demand access to earned but unpaid wages. Businesses
that partner with PayActiv see significant cost reductions through
increased recruitment, engagement and retention. Employees love PayActiv
because it eliminates the expensive between-paychecks tolls of payday
loans, bank overdrafts and late fees. PayActiv also offers a suite of
financial services that include timely access to earned wages, savings
and budgeting tools, bill payment and financial health measurement.
PayActiv has won best in class awards in both FinTech & HRTech and is
the provider for Earned Wage Access to Walmart. To learn more – www.payactiv.com.

1 Actual fund availability depends on receiving financial
institution and region. Visa requires fast-funds enabled issuers to make
funds available to their recipient cardholders within a maximum of 30
minutes of approving the transaction. Please refer to the Visa Direct
team and the Visa Direct Original Credit Transaction Global
Implementation Guide for more information.

2 2017: Career
Builder Survey: Living Paycheck to Paycheck is a Way of Life for
Majority of U.S. Workers

3 2017: Center
for Financial Services Innovation Report: How Companies Can Invest in
Workplace Wellness

4 2017: Center
for Financial Services Innovation: 2017 Financially Underserved Market
Size Study

5https://www.payactiv.com/billion-processed-funds-for-timely-earned-wage-access-underserved-underbanked-workforce/

Contacts

Visa Inc.
Caylah Novak, 415-385-7856
[email protected]

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