Over 30 million U.S. households are either unbanked or underbanked (2017 FDIC report), they pay costly fees when cashing their paychecks, paying electronics bills or sending money orders to make these payments, and loading their money on prepaid cards.
With the VISA-PayActiv partnership, all users of PayActiv financial wellness services, irrespective of their banking status, will have the option to receive their earned wages in real-time on either the PayActiv Visa Prepaid Card or any other Visa debit, prepaid, or credit card eliminating the need for cashing their paychecks or paying fees to load a prepaid card. (read the full story on CNN Business).
PayActiv Visa Prepaid Card is the first general purpose reloadable prepaid card that offers on-demand access to earned wages and is part of a comprehensive suite of financial wellness services including bill pay, budgeting and savings, and financial counseling. Additionally, the Visa Direct partnership greatly expands the options available to our users to get access to earned income on-demand and in real-time.
With Earned Wage Access, users have the security of being able to cover their immediate or sudden expenses without the fear of a debt spiral, and now with the PayActiv Visa prepaid card they no longer have to suffer the humiliation of being excluded from the banking system or pay predatory fees for services that the rest of us take for granted.
For a $5 flat fees per biweekly pay period, which is payable only if used, users get instant access to earned wages and unlimited number of card-loads on the PayActiv Visa Prepaid card within a pay period. Since there is no limit to how many times it’s used, users can instantly load the desired amount on their card and immediately make any payment. There are no cardholder fees when used where VISA debit is accepted. This takes out the stress of worrying about hidden fees, and every transaction can be tracked and managed from the ease of a secure mobile app with features to maximize savings.
This is a game changer for those with limited banking status, and an unparalleled financial wellness solution that helps employers build a thriving, productive workforce.
What does it cost businesses to offer PayActiv to their employees?
Nothing. Nada. We have done all the heavy lifting for you.
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