- Payfare, which is a leading global technology firm specialising in cross-border payments, has said that it will be working alongside the low-cost digital money transfer provider Wise.
- The two firms will offer a new collaboration targeting gig economy workers in the North American market.
- “We couldn’t be more excited to bring this service to our platform in order to deliver more convenience and cost savings to our cardholders,” said a spokesperson for Payfare.
Payfare, a major technology company specialising in cross-border payments services, has confirmed that it will work alongside Wise as part of a new collaboration.
The company said that it will pair up with the payments platform Wise as part of a new push to cater to the gig economy workforce in the US.
The two firms intend to bring about a partnership that sees instant payout functions for gig workers.
It will also offer a suite of other digital banking fixes.
Wise is known for being a low-cost leader with a digital focus – meaning that it is ideally suited to operate in this sector.
The new partnership will launch next year and will focus in particular on the North American market.
It will see the gig economy workers who work with Payfare’s support able to send cash around the world through the Payfare app.
The transfers will take place instantly, the firms said.
In a statement, a senior figure at Payfare said that the company was addressing a historic imbalance in the way that payments were sent abroad.
Marco Margiotta, who is the chief executive officer and founding partner of Payfare, said that the problems involved cost, convenience and transparency.
“To transfer money to family and friends abroad, the workers we support have historically had to use various legacy services that were costly, inconvenient and had hidden fees,” he said.
He went on to say that the company was looking forward to using the platform to tackle these challenges.
“We couldn’t be more excited to bring this service to our platform in order to deliver more convenience and cost savings to our cardholders.”
A spokesperson for Wise, meanwhile, said that the company was committed to improving the user experience that end users have.
Ryan Zagone, head of Americas at Wise for Banks, said that he wanted the company to provide a “best-in-class” experience.
“Wise is committed to providing a best-in-class digital user experience for international transfers, coupled with speed and convenience,” he said.
He added that Payfare shared its values on this front – and that the prospects for the two companies to collaborate were good.
“Payfare is similarly committed to providing a leading instant payout and digital banking solution in which we can work together to bring a faster international money transfer solution to millions of workers in the U.S. and Canada.”
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