Payfare is set to integrate Mastercard Send into its financial technology platform to expand the real-time payment options for the gig economy.
Payfare, which enables digital banking and instant payout solutions for on-demand platforms, said it is tapping Mastercard’s full-service disbursements and person-to-person platform to support financial inclusion for all gig workers.
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With the integration of Mastercard Send, Payfare will be able to send gig worker earnings payouts to virtually all consumer and small business debit cards in the US and other countries.
It will also enable Gig workers to send domestic and international money transfers via Payfare-powered digital banking apps.
Payfare CEO and founding partner Marco Margiotta said: “We are thrilled to add Mastercard Send capabilities to our existing payout and digital banking solutions.
“This partnership will open up new revenue streams for Payfare while providing more choice for our corporate clients and cardholders.”
Mastercard executive vice-president North America products & innovation Chiro Aikat added: “As we continue to watch the pace of change accelerate around digital payments, it’s become clear that waiting days to receive a payment is no longer working.
“Through the integration of Mastercard Send, Payfare can now better meet the needs of the gig and independent economy by offering greater choice and efficiency.”
In April this year, Citi expanded the payment options for its Citi Payment Exchange institutional clients through the integration of Mastercard Send.
In 2017, Standard Chartered Bank selected Mastercard Send service to expand its cross-border payment services.
