Moves Teams With Astra as Gig Workers Embrace Digital Banking

Gig worker-focused banking app Moves has teamed up with payment platform Astra.

The partnership, announced Wednesday (July 26), offers Moves members real-time transfers via Astra’s connection to Visa Direct, Visa’s real-time push-to-card payments platform.

“As the U.S. gig economy continues to grow, there is a critical need for financial solutions that cater to the unique needs of this workforce segment,” the companies said in a news release.

“By partnering with Astra, Moves can now offer its customers the ability to send and receive money in real-time, giving them greater flexibility and control over their finances.”

According to the release, the collaboration lets Moves customers initiate real-time transfers directly to and from their Moves account.

“Now, consolidating income from multiple sources into a single account or migrating funds from one account to another for a specific bill can happen in the same user session, instead of waiting a prolonged period of time for other payment types to clear,” the release said.

The partnership comes at a time when 14% of gig workers say they use digital-only banks, according to recent PYMNTS research.

“Although those shares may seem low, there is evidence that a rise is on the horizon, as the same report demonstrates that 36% of consumers are interested in using a digital-only bank in the upcoming 12 months after being surveyed,” PYMNTS wrote recently.

Meanwhile, workers increasingly seek to have their wages as soon as they earn them instead of waiting days or weeks. One survey showed that a record 60% of American workers wanted their employers to give them access to wages each day.

“Implementing this earned wage access (EWA) is a key way to improve employee loyalty, and it offers companies increased visibility into their cash on hand, helping to improve overall money mobility,” PYMNTS wrote.

Businesses are also growing more aware of EWA’s advantages, with nearly two-thirds saying it can be a lower-cost path to recruiting and retaining staff. In addition, 96% of corporates that provided EWA said their workers liked it, that it helped them attract talent and that it gave their employees a greater sense of financial security.