What if hourly workers could access their already-earned wages in between the regular pay cycle? This is known as Earned Wage Access (EWA). Visa works with Earned Wage Access technology providers like PayActiv, other merchants, and payroll companies to integrate this solution. Employees can download an app to access and transfer earned wages instantly to their bank account using Visa Direct, Visa’s real-time push payments platform.
According to PayActiv data, because of the COVID-19 crisis, 82% of hourly workers are now saying that loss of income is their greatest concern.
In fact, a study found that only one in five (21%) employees would describe...
*The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week.
1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.