This move will enable Payfare to enter new markets, including Canada and the U.K., and provide faster and more convenient access to earnings for gig workers, the companies announced in a Wednesday (Nov. 1) press release.
Payfare has been using i2c’s payment platform to offer instant, zero-cost access to earnings for gig workers through its neobanking products, such as Dasher Direct and Lyft Direct. Payfare has partnered with gig work platforms and marketplaces like Uber, Lyft and DoorDash.
“Our building block technology was designed to help companies reimagine traditional payment ecosystems, and Payfare is a prime example of this spirit in action,” Amir Wain, founder and CEO of i2c, said in a statement. “We look forward to working together to expand financial access and create new standards of speed, security, and reliability in the financial services industry.”
“i2c’s global footprint and comprehensive processing platform is supporting Payfare’s market expansion with new client programs,” Marco Margiotta, CEO and founding partner at Payfare, said in the release. “Their agile and scalable platform will enable us to continue expanding our reach to provide gig workers worldwide with the financial access and empowerment they deserve.”
Through this expanded partnership, gig workers will benefit from faster and more convenient access to their earnings, according to the release. Payfare’s neobanking products, powered by i2c’s payment platform, allow on-demand economy platforms to pay out gig worker earnings to their Powered by Payfare cards after each job is completed. Additionally, gig workers can enjoy cash-back rewards on everyday purchases and free mobile banking services.
Earlier this year, Payfare announced another partnership aimed at serving gig workers as well.
Under the collaboration, NCR offered “self-service financial solutions for Payfare’s cardholders across the United States for both cash in and cash out transactions,” the companies said in a press release at the time.
The companies said Payfare would also begin leveraging NCR Pay360, an API tool that allows cardholders to access cash in their account through Payfare’s digital banking apps, so Payfare cardholders can withdraw cash without needing a physical debit card, PYMNTS reported.