Visa partners Wagestream for income streaming integration

Wagestream has become the first income streaming FinTech to partner with Visa.

The tie-up will enable workers across Europe to access earned wages before payday through the integration of real-time push payments platform Visa Direct.

By working with Visa, employees enrolled in WageStream can opt to transfer funds directly to their Visa card.

Income streaming - also known as earned wage access - allows workers to receive a percentage of their pay, as they earn it, any day of the month, whenever they need it.

The integration with Visa will enable Wagestream to scale its global footprint as financial resilience becomes a key focus of attempts to help workers recover from the economic impact of the COVID-19 crisis.

More than 350,000 European employees now access their earnings through Wagestream’s platform. It integrates with an employer’s payroll system to calculate each employee’s available balance to withdraw, meaning that workers only have access to earned funds, without needing to rely on expensive, short-term credit to bridge their way to payday.

There are no loans or credit involved and therefore there is no repayment and no interest charged.

Peter Briffett, chief executive and co-founder of Wagestream, said: “Our partnership with Visa is going to improve the flexibility of income streaming even further, by empowering our platform across Europe and allowing workers to choose which account they want to stream their money into."

Bill Sheley, senior vice president and global head of Visa Direct, said: “COVID-19 has impacted the global workforce greatly, and it’s more important than ever that we find ways to support workers on the frontlines, helping them get faster access to their money when they need it in order to pay for life’s necessities."

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