Mastercard has partnered with new FinTech Hi55 Ventures on a market-first salary access card.
The new card will enable people to access their pay as soon as they have earned it.
Hi55’s card will give employees direct access to the money they have earned in real-time, with a limit in line with their earnings.
The card, which is issued by banking-as-a-service platform Railsbank, is available to employees of companies who have signed up to Hi55 Ventures’ platform ‘Hi.’
“For many people being able to access their salary as they earn it is a lifeline, and we are delighted to be working with Hi to make that a reality for those who need it,” said Kelly Devine, divisional president, Mastercard UK & Ireland.
David Brown, founder and chief executive of Hi55 Ventures said: “Hi’s partnership with Mastercard represents a step-change in our mission to reinvent pay and make the world financially stronger. Mastercard joins a coalition of partners, which includes NTT DATA, whose global reach and expertise will turbo-charge the delivery of Hi and enable companies around the world to unlock fast, affordable working capital and pay employees more flexibly.”
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