Payfare, Wise to Bring First International Money Transfer Capabilities to the North American Gig Workforce
25 October 2021 - 10:00PM
Business Wire
Wise will be embedded into Payfare’s digital
banking platform, enabling gig workers to quickly send
international payments to 80+ countries
Payfare (TSX: PAY) and Wise (LSE: WISE), the
global technology company building the best way to move money
around the world, today announced plans to bring fast, low-fee and
secure international money transfer capabilities to Payfare’s
digital banking app in 2022. The partnership will bring together
the leading instant payout and digital banking solution for
contract workers, Payfare, with the low-cost leader for
international money transfers in a digital payments experience
tailored to the gig economy.
Beginning next year, the North American gig and contract workers
Payfare supports will be able to send money abroad instantly via
Wise’s payments infrastructure, directly from Payfare digital
banking apps. Payfare, who works with some of the world’s largest
on-demand platforms, will be the first to leverage Wise to enable
the growing gig economy to send money internationally.
“To transfer money to family and friends abroad, the workers we
support have historically had to use various legacy services that
were costly, inconvenient and had hidden fees,” said Marco
Margiotta, Payfare CEO and Founding Partner. “We couldn’t be more
excited to bring this service to our platform in order to deliver
more convenience and cost savings to our cardholders.”
With its mission of making international money transfers fast,
cheap and convenient, Wise helps people and businesses securely
move and spend money in over 56 currencies. With full price
transparency, including low cost pricing, and the use of real-time
exchange rates, Wise strategically aligns with Payfare’s mission to
power financial inclusion and empowerment for the global gig
economy.
“Wise is committed to providing a best-in-class digital user
experience for international transfers, coupled with speed and
convenience,” said Ryan Zagone, Head of Americas, Wise for Banks.
“Payfare is similarly committed to providing a leading instant
payout and digital banking solution in which we can work together
to bring a faster international money transfer solution to millions
of workers in the U.S. and Canada.”
About Payfare (TSX: PAY)
Payfare is a global financial technology company powering
digital banking and instant payout solutions for today’s gig
economy. Payfare partners with leading platforms and marketplaces,
such as Uber, Lyft and DoorDash, to provide financial health for
their workforce.
For further information please visit www.payfare.com.
About Wise
Wise is a global technology company, building the best way to
move money around the world. With the Wise account, people and
businesses can hold 56 currencies, move money between countries and
spend money abroad. Huge companies and banks use Wise technology
too; an entirely new cross-border payments network that will one
day power money without borders for everyone, everywhere. However
you use the platform, Wise is on a mission to make your life easier
and save you money.
Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched
in 2011 under its original name TransferWise. It is one of the
world’s fastest-growing tech companies and is listed on the London
Stock Exchange under the ticker, WISE.
10 million people and businesses use Wise, which processes over
£5 billion in cross-border transactions every month, saving
customers over £1 billion a year.
For more information on Wise Platform and capabilities, visit
wise.com/us/business/api.
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Payfare Lindsey Abshire (647) 417-4788
lindsey@fletchergroupllc.com
or
Su Chun, Chief Compliance & Legal Officer 1 (888) 850-2713
investor@payfare.com
Wise Ben Liwanag Benjamin.Liwanag@Wise.com
Wise (LSE:WISE)
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