In December 2017 Walmart started offering Earned Wage Access (EWA) to their 1.4 million associates in America. Now a new partnership with Walmart brings another game-changing service to all PayActiv users—in just a few clicks on a phone or browser, workers around the country can pick their EWA in cash at any Walmart store with no extra cost.
Liquidity is paramount for people living paycheck to paycheck
When you need milk and diapers on Friday evening or if your car breaks down you cannot wait until Monday morning for the Federal Reserve to settle funds into your bank account, access to cash can be a lifesaver and the only viable option.
Walmart’s Direct2Cash service along with PayActiv Earned Wage Access provides users the security and resilience to use their own funds to manage their expenses instead of depending on expensive loan options.
Over two-thirds of Americans use cash for their purchases
While digital money services are growing in popularity, a recent JP Morgan survey found that 69% of consumers still expect to make the majority of purchases with cash even five years from now.
Giving workers under financial strain a new option to access their cash without going to the bank, or waiting for an electronic transfer to clear, will help them avoid late fees with bills and keep food on the table before the next payday rolls around.
People have easy access to Walmart
90% of Americans live within 10 miles of a Walmart store, according to Walmart executive Mark Matthews. As a popular low-cost retailer for many PayActiv users, giving them the added convenience of drawing their earned wages in cash at no extra cost is a major benefit. And as 30% to 40% of PayActiv users take their funds to buy groceries, they don’t have to go far to take advantage of Walmart’s low-price guarantee.
Walmart associates already have access to the PayActiv EWA service through its employee benefits program. This new partnership expands the access to cash for all PayActiv users from any business that offers PayActiv to their workers.
Using the Walmart withdrawal benefit is easy. After accessing wages in their PayActiv account, users receive a unique PIN that can be used with a photo ID to pick up their funds at a Walmart Money Center or service desk. Cash is issued instantly via Walmart’s Direct2Cash platform.
With millions already relying on Walmart for financial transactions, PayActiv is excited to partner with the world’s largest retailer to improve the financial lives of workers who need it most.
What can you do to help your employees?
When stressed over paying the bills, workers struggle to stay focused and give their best effort at work every day. When employers can offer workers opportunities to lessen the impact of a paycheck to paycheck lifestyle, something that plagues 78% of Americans, it offers win-win opportunities to improve workers’ lives while also improving the bottom line.
PayActiv is available to workers at participating companies with no cost to the employers. After a quick and seamless integration process companies offer PayActiv as a voluntary benefit through which employees can access earned wages and a wide range of value-added services through the PayActiv app.
With PayActiv, workers may pay a nominal fee comparable to a visit to the ATM for an assortment of financial wellness services including EWA and address their immediate financial needs rather than paying the predatory interest rates associated with payday lenders. This helps them cover the bills without getting even further behind in their finances. Thanks to the new partnership with Walmart, PayActiv users can get their cash at any time of day or night from the safety and convenience of a Walmart store near them.
Holistic Financial Wellness
Learn how PayActiv measurably reduces employee financial stress and employee turnover.