Visa (NYSE: V) has announced a new offering with DoorDash, a “last-mile” logistics platform, in order to help enable faster payouts “to eligible Dashers across Canada.”
The latest feature, called DoorDash Fast Pay, is “facilitated by Stripe’s Instant Payouts product, made available through Stripe’s financial institution partner and powered by Visa Direct, Visa’s real-time push payments platform.”
The number of Canadians participating in short-term contract work has “steadily increased, with 1 in 10 Canadian adults identifying as an independent contractor2.”
Independent contractors “want fast and efficient access to their wages.”
In Visa‘s survey of gig workers, 89% “said they’re likely to sign up for real-time payments, and 66% said they would select gig companies who offer real-time payments instead of others, showing how fast, on-demand payments can be a powerful tool for gig companies.”
Jim Filice, VP and Head of New Payments, Visa Canada, stated:
“Increasingly, independent contractors want to be paid on their own terms. Getting access to earned wages in real-time is an expectation for many workers, and companies like DoorDash are helping to meet that demand by leveraging Visa’s network and implementing solutions like Fast Pay.”
Canadians depend on logistics platforms such as DoorDash “for flexible, low-barrier-to-entry work and earn when, where and how they want.”
In order to help ensure that Dashers are able to access their earnings quickly and effectively, DoorDash is “using Instant Payouts with Stripe Connect to handle the U.S. and Canada payments experience, from helping Dashers accept customer payments to directing funds to a Dasher’s debit cards or bank account.”
Stripe Connect helps businesses “easily create a platform to facilitate purchases and payments between third-party buyers and sellers.”
Jeanne DeWitt Grosser, Head of Americas Revenue and Growth at Stripe, remarked:
“We’re proud to be the payments infrastructure helping Dashers access earnings faster for millions of meals being delivered across North America. Instant Pay was built for platforms that want to ensure earners and merchants can quickly access funds when they want. Stripe’s expansion with Visa and DoorDash in Canada is the latest milestone in making that happen.”
Shilpa Arora, GM at DoorDash Canada, added:
“We are proud to work with Stripe and Visa to provide Dashers with more flexible earning opportunities. This is a major step forward in introducing new tools to empower Dashers who count on DoorDash for reliable, independent and flexible work and additional income.”
Now with this new integration with Visa Direct, Dashers who are Visa Debit cardholders “will be able to access their earnings in real-time, rather than waiting until the end of the week.”
Fast Pay has been available “to Dashers in the US since 2018.”
The impact of the current COVID-19 pandemic on Canadians’ finances “can make it especially challenging to manage payments during this time.”
That’s why Visa works with Stripe, whose Instant Payouts feature “is integrated with Visa Direct to help businesses like DoorDash support Dashers in accessing their earnings in real-time, and other business payment disbursements.”