PayActiv, the provider of employment-based holistic financial wellness services, announced Thursday (October 25) a deal with Walmart in which PayActiv employees can access earned cash wages.
In a press release, PayActiv said with the deal workers across the country will be able to access their wages any time their local Walmart Money Center and/or Walmart Service desk is open. That means there is no delay in transferring funds and there is no need for a bank account. “More than nine million Americans have no bank account, and nearly 30 percent of all transactions are still conducted with cash,” said Safwan Shah, founder and CEO of PayActiv in the press release announcing the partnership. “If a financial emergency hits over the weekend or on a holiday, PayActiv can provide immediate funds from the wages a worker has already earned by offering cash pick-up at Walmart, helping them avoid expensive alternatives such as high interest loans or over draft fees.”
PayActiv provides member employees with access to earned but unpaid income, to address needs without the fear of overdraft fees, late fees or additional debt. PayActiv said it first began offering earned wage access via cash at Walmart stores to Walmart associates in August 2018 and that the new service expands it to all PayActiv users across hundreds of companies nationwide. Workers looking to access their wages request access via the PayActiv app, and then the company issues a unique PIN that is brought to Walmart. The worker presents the PIN and photo ID and upon verification of the approved wages, Walmart issues the cash instantly.
“Millions of people rely on Walmart as a convenient, safe and easy place for cash pick-up; now, we are offering the ability for PayActiv users to pick up their earned wages via cash at Walmart,” said Mark Matthews, vice president, digital acceleration for Walmart Services, Walmart U.S., in the same press release. “With 90 percent of American living within 10 miles of a Walmart store, we know that this increased access to cash-based earned wages will enable PayActiv users to quickly access their funds for unexpected expenses and during critical times of need.”