Fintech Payfare, which Powers Instant Payout and Digital Banking for Contractors, to Add Visa SavingsEdge

Payfare Inc. (TSX: PAY), an established Fintech firm that’s powering instant payout and virtual  banking solutions for gig economy workers, is working with Visa (NYSE: V) in order to add Visa SavingsEdge to its platform, “starting with the nationwide DoorDash DasherDirect card program.”

As mentioned in a release, Visa SavingsEdge gives eligible Visa business cardholders “who opt into the program access to savings on qualified purchases at participating merchants.” Discounts are credited “directly to cardholders’ accounts, with no coupons or codes required” and “cardholder participation is absolutely free,” the announcement noted.

As stated in the release, Payfare aims to support quicker virtual payments for some of the world’s largest on-demand platforms. Now, “with this addition, those gig workers carrying a Visa business card will realize discounts on purchases made in merchant categories related to fuel, auto parts, dining and travel, across national, regional and local merchants.”

Marco Margiotta, CEO and Founding Partner of Payfare, stated:

“Our goal is for every worker in the global gig economy to become an empowered entrepreneur with financial security. With the addition of Visa SavingsEdge, we are arming gig workers with another financial tool to help them save and keep more of their hard-earned money, while supporting the overall financial health of the growing gig workforce.”

Dahvie James, Lead Product Manager for Visa SavingsEdge, remarked:

“Visa SavingsEdge will give gig workers the ability to take advantage of savings that are typically reserved for large businesses. We know a sizable portion of the workforce already participates in the gig economy, and that the percentage is only growing. As we look toward enabling the financial health of these workers, we are thrilled to partner with Payfare to make Visa SavingsEdge available to them.”

As previously reported, Payfare is a global Fintech firm that’s powering virtual banking and instant payment solutions for the gig workforce. Payfare works with established platforms and marketplaces, like Uber, Lyft and DoorDash, to “provide financial health for their workforce.” The Visa Business Cards are “issued by Stride Bank, N.A., member FDIC, pursuant to a license from Visa U.S.A. Inc, and is subject to eligibility.”

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