FinTech Payfare Broadens US Partnership With Visa

Payfare Inc., the FinTech that allows instant payouts and digital banking solutions for the gig economy, broadened its partnership with Visa across the U.S., according to a joint press release.

Payfare, which secured its Visa Ready for Fintech Enablers certification and expanded its platform with Visa SavingsEdge in 2021, is now adding Visa Direct, the company’s real-time push payments platform, to its suite of products to help facilitate instant gig worker payouts.

“We are excited to expand our collaboration with Payfare to help enable fast access to funds for their U.S. customers through Visa Direct,” said Ruben Salazar, SVP, global head, Visa Direct, in the joint press release.

“By working with Visa, FinTech companies like Payfare can help transform traditional payment processes into differentiated digital experiences to better support the financial health of today’s global gig workforce,” he said.

Visa Direct can send money to billions of endpoints worldwide through a single integration, the joint press release said. Almost 90% of respondents in a recent Visa survey of gig workers said they are likely to sign up for real-time payments, and two-thirds said they’d pick gig companies that offer real-time payments over those that don’t.

“We have recognized that workers joining the gig economy are entrepreneurs not only seeking flexibility in their work schedule, but also in how, and how fast, they are paid,” said Marco Margiotta, CEO and founding partner of Payfare, in the joint press release.

Related: Payfare Increases Fuel Cashback for DoorDash Drivers to 10%

Last week, Payfare increased fuel purchase rewards for DoorDash workers in the U.S., allowing Payfare DasherDirect debit cardholders to earn 10% cash back on gas, up from 2%, until the end of April. The DasherDirect app is available for iOS and Android mobile users from the Apple App Store and Google Play Store.

Stride Bank issues the DasherDirect Business Prepaid Visa Card.