On Wednesday, retail giant Walmart announced it has teamed up with fintech startups Even and PayActiv to provide a suite of new financial wellness services for its more than 1.4 million associates nationwide.
According to the retailer, this new financial solution will allow its associates to automatically plan ahead for bills and savings goals, along with figure out how much funds are available for spending. The company revealed:
“When unexpected expenses occur, associates can access earned wages ahead of scheduled paychecks using an ‘Instapay’ feature, providing greater flexibility and helping them avoid overdrafts, high-fee funding or credit options.”
While sharing more details about the solution, Jon Schlossberg, CEO of Even, stated:
“Money management is something people across every income level struggle with, in large part because they don’t have access to good tools. In real life, if you want to get ahead, you’ve got to make a financial plan, and also have a way to fix the plan when it breaks. Even offers tools for both, together in one app. Working with Walmart and PayActiv gives us the opportunity to put these powerful, easy-to-use financial management tools in the hands of millions of hardworking Americans.”
Walmart also reported that it will cover the entire cost of Even’s automated financial management tool for both hourly and salaried associates, and will ensure associates can use Instapay up to eight times per year for free. Should associates need to use Instapay more frequently, Walmart will subsidize the additional Even subscription required to do so. The financial management and Instapay features will be available to all Walmart, Sam’s Club and Walmart eCommerce associates. Jacqui Canney, Walmart’s Chief People Officer, noted:
“Traditional approaches to workforce well-being often focus solely on physical health, but we know from listening to our associates that financial well-being is just as important. We’re investing to give our people financial tools that help provide more stability in their lives, which we believe will empower them to be all they can be when they are at work serving our customers.”
Walmart added that the Even app will securely connect to an associate’s checking account, prepaid account or Walmart Associate Paycard, and links to Walmart’s payroll systems.