TORONTO, February 9, 2022 – Payfare Inc. (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced an enhancement to its digital banking solution with the addition of early direct deposit.
Payfare, who partners with some of the world’s largest gig platforms, already offers U.S. based users instant access to their earnings via their Payfare powered debit card. Users who add their Payfare bank account as a payout option for other gig platforms will now have access to those earnings up to two days faster at no additional cost.
Payfare’s goal is to provide gig workers access to their money as fast and as cheap as possible to support their financial wellbeing. The addition of early direct deposit provides users with greater flexibility in how they get paid to reduce or eliminate the need for predatory lending products.
The addition of early direct deposit which is expected to be launched in the coming weeks will result in a diversified stream of other user earnings being loaded into the Payfare ecosystem, which is directly correlated to revenue generation. The additional visibility of user earning streams will also provide great value to be unlocked with Payfare’s upcoming product launches.
“Gig workers face many inconsistencies in demand for their work. It’s an innate challenge for this segment of the workforce that can lead to income volatility and financial stress,” said Marco Margiotta, CEO and Founding Partner of Payfare. “The addition of early direct deposit allows our users to use their Payfare account as their primary account for all of their gig earnings and daily expenses.”
Payfare (TSX: PAY) is a global financial technology company powering digital banking and instant payout solutions for today’s gig economy. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusio