Mastercard and Evolve Bank & Trust Help Hourly and Gig Workers Get Early Access to Wages
July 10 2019 - 6:00AM
Business Wire
Branch uses Mastercard Send™ to push funds
instantly to U.S. debit cards
People who support themselves and their families with incomes
from gig and hourly work often have to stitch together earnings
from various sources to pay bills, budget for savings and manage
financial emergencies. Mastercard today announced that it is using
Mastercard Send, the company’s push payment solution
to enable pay advances and blend stability with flexibility for
those working without traditional paychecks.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190710005163/en/
Mastercard Send Infographic (Graphic:
Business Wire)
“Gig workers provide just-in-time services that help both
consumers and businesses fulfill real-time needs,” said Jess
Turner, executive vice president, Product and Innovation, North
America, Mastercard. “But when it comes to getting paid, they are
stuck in a traditional model of work now, get paid later. With
Mastercard Send, we want to provide a new wage system – one that is
in tune with the workforce of today.”
Mastercard is partnering with Evolve Bank &
Trust (“Evolve”) to support companies such as
Branch, which work with large organizations to provide
interest-free, pay advances to their hourly workers and gig
workers. Working with employers, Branch provides early wage access
so that employees can manage any lag between when bills are due and
when the paycheck is received. With Mastercard Send,
Branch can push funds in near real time to U.S. debit cards.
“At Evolve, we understand that the workforce in the U.S. is
changing,” said Scott Stafford, President and CEO, Evolve. “With
Mastercard Send, we were able to create a payment infrastructure
that serves a new generation of workers and helps them manage
income volatility.”
Research indicates that one-third of total US gig workers
received approximately $236 billion through pay advances in 20181,
in contrast to loans that come with unclear terms and fees. These
advances help alleviate the stress of living paycheck to paycheck
and provide an opportunity to plan ahead and stabilize finances.
With Mastercard Send, senders can reach virtually all U.S. debit
card accounts while receivers obtain funds typically within
seconds.
“As hourly workers' schedules tend to fluctuate, so do their
earnings and their ability to meet day-to-day financial needs,”
said Atif Siddiqi, CEO, Branch. “Branch helps increase financial
stability among hourly workers by providing them instant access to
earned wages, budgeting tools, and the opportunity to pick up more
shifts."
Mastercard’s commitment to helping people improve their
financial lives in meaningful ways over the long term is a key
pillar of its inclusive growth program in North
America, which offers specialized products and services for gig
workers and next-generation workers. The program leverages
Mastercard technology and expertise to address the challenges of
the digital economy, such as financial security, economic
development and the changing nature of work.
1 Pay Advance Demand Study by PYMNTS in partnership with
Mastercard
About Mastercard:
Mastercard (NYSE: MA),
www.mastercard.com, is a technology company in the
global payments industry. Our global payments processing network
connects consumers, financial institutions, merchants, governments
and businesses in more than 210 countries and territories.
Mastercard products and solutions make everyday commerce activities
– such as shopping, traveling, running a business and managing
finances – easier, more secure and more efficient for everyone.
Follow us on Twitter @MastercardNews, join the
discussion on the Beyond the Transaction Blog and
subscribe for the latest news on the Engagement
Bureau.
About Evolve Bank & Trust:
Founded in 1925, Evolve Bank & Trust is a best
in class financial institution offering specialized services in
Payment Processing Solutions, Banking,
Mortgage, SBA Lending and
Trust. Evolve is recognized as a global leader in the
Payment Processing Industry delivering ACH, Debit/Credit
Sponsorship, Card Issuance and unique technology strategies to
clients around the world. Headquartered in Memphis, TN Evolve
operates retail branches throughout the Mid-South and mortgage
production offices nationwide. Evolve has been voted a Top
Workplace five years in a row and has been named in Inc. Magazine’s
5000 List of the fastest growing companies.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190710005163/en/
Mastercard Communications: Chaiti Sen Email:
chaiti.sen@mastercard.com Tel: 914.263.6542
Evolve Bank & Trust: Thomas E. Holmes Jr. Email:
thomas.holmes@getevolved.com Tel: 866.367.2611
MasterCard (NYSE:MA)
Historical Stock Chart
From Mar 2024 to Apr 2024
MasterCard (NYSE:MA)
Historical Stock Chart
From Apr 2023 to Apr 2024