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.
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.
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.
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.
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.
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.