PayActiv, the San Jose, California-based leader in wage access, as per recent reports, is entering a partnership agreement with VISA to transform the traditional payroll system, helping workers get access to their earned wages when it is needed.
PayActiv will leverage Visa’s Direct real-time push payments platform to offer real-time deposits to its partner businesses. PayActiv partner employees will have real-time access to earned wages via a VISA debit or reloadable prepaid card. In addition, the San Jose-based wage access solution provider is also offering its own branded PayActiv Visa Prepaid Card for this occasion.
According to Safwan Shah, CEO, PayActiv, owing to the financial stress the industry needed earning enlightenment and the PayActiv Visa Prepaid Card offers exactly the same – a game changer and a win-win solution for all. The solution enables employers to get better retention, recruitment and engagement, furthermore, the solution places employees on an accelerated path to holistic financial wellness with timely access to their earned but unpaid wages.
Moreover, the company claims that with the PayActiv Visa Prepaid Card, employees can completely eliminate fees and other surcharges that lower the take-home pay by as much as $200 a month. Accepted everywhere, the PayActiv Visa Prepaid card omits monthly fees, which includes card loading fees, cardholder fees when transacting with US merchants, and cash withdrawals fees while withdrawing from MoneyPass ATMs.