Payfare (TSX: PAY) reveals that it will be integrating Mastercard Send into its financial technology platform. This should allow the Fintech firm to expand its real-time payment options for the fast-evolving gig economy.
Payfare, which powers virtual banking and instant payout solutions for leading on-demand platforms, will be using Mastercard’s full-service disbursements and person-to-person platform to further its goal of enabling financial inclusion for all gig economy workers and will also provide a differentiated and enhanced payment experience.
Mastercard Send lets individual users and companies easily transfer and receive funds the way they prefer to (meaning how, where and when they choose). With Mastercard Send, Payfare may send gig worker payouts to just about all consumer and small business debit cards in the US and other jurisdictions. Gig workers may also carry out local and cross-border fund transfers via the Payfare-powered virtual banking apps.
Marco Margiotta, CEO and Founding Partner of Payfare, stated:
“We are thrilled to add Mastercard Send capabilities to our existing payout and digital banking solutions. This partnership will open up new revenue streams for Payfare while providing more choice for our corporate clients and cardholders.”
Chiro Aikat, Executive Vice President, North America Products & Innovation at Mastercard, remarked:
“As we continue to watch the pace of change accelerate around digital payments, it’s become clear that waiting days to receive a payment is no longer working. Through the integration of Mastercard Send, Payfare can now better meet the needs of the gig and independent economy by offering greater choice and efficiency.”
As covered earlier this month, Payfare Inc., a global Fintech firm supporting digital banking and instant payment solutions, hired Kamran Haidari to serve as its Chief Technology Officer and Braulio Lam will be responsible for leading product innovation and development as the firm’s Chief Product Officer.
As mentioned in a release shared with CI, these “strategic additions” to Payfare‘s executive team will aim to support planned product and tech developments that will “accelerate user acquisition and growth across the earned wage access industry.”
Margiotta stated (earlier this month):
“The expansion of our executive team is a testament to Payfare’s significance in powering payments for on-demand workers driving the global economy. Braulio and Kamran’s roots in technology and deep experience in transformational payments initiatives will be very valuable to Payfare as we expand instant access to earnings and financial inclusion for workers in North America and around the world.”