Payfare, Wise to Bring First International Money Transfer Capabilities to the North American Gig Workforce

Rhea-AI Summary

Payfare has partnered with Wise to integrate international money transfer capabilities into its digital banking platform, serving gig workers in North America. Starting in 2022, users will be able to send instant payments to over 80 countries through Wise's infrastructure, enhancing financial convenience and reducing costs. This collaboration aims to address the challenges faced by gig workers who traditionally rely on costly legacy services. Wise, known for its competitive pricing and transparency, complements Payfare's mission to empower the global gig economy.

Positive

• Integration of Wise's payment capabilities enhances Payfare's digital banking app.
• Enables instant international payment for gig workers in over 80 countries.
• Addresses high fees and inefficiencies of traditional money transfer services.
• Strategic alignment between Payfare and Wise on financial inclusion for gig workers.

Negative

• None.

Wise will be embedded into Payfare’s digital banking platform, enabling gig workers to quickly send international payments to 80+ countries

TORONTO--(BUSINESS WIRE)-- Payfare (TSX: PAY) and Wise (LSE: WISE), the global technology company building the best way to move money around the world, today announced plans to bring fast, low-fee and secure international money transfer capabilities to Payfare’s digital banking app in 2022. The partnership will bring together the leading instant payout and digital banking solution for contract workers, Payfare, with the low-cost leader for international money transfers in a digital payments experience tailored to the gig economy.

Beginning next year, the North American gig and contract workers Payfare supports will be able to send money abroad instantly via Wise’s payments infrastructure, directly from Payfare digital banking apps. Payfare, who works with some of the world’s largest on-demand platforms, will be the first to leverage Wise to enable the growing gig economy to send money internationally.

“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,” said Marco Margiotta, Payfare CEO and Founding Partner. “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.”

With its mission of making international money transfers fast, cheap and convenient, Wise helps people and businesses securely move and spend money in over 56 currencies. With full price transparency, including low cost pricing, and the use of real-time exchange rates, Wise strategically aligns with Payfare’s mission to power financial inclusion and empowerment for the global gig economy.

“Wise is committed to providing a best-in-class digital user experience for international transfers, coupled with speed and convenience,” said Ryan Zagone, Head of Americas, Wise for Banks. “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.”

About Payfare (TSX: PAY)

Payfare is a global financial technology company powering digital banking and instant payout solutions for today’s gig economy. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial health for their workforce.

For further information please visit www.payfare.com.

About Wise

Wise is a global technology company, building the best way to move money around the world. With the Wise account, people and businesses can hold 56 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.

Co-founded by Taavet Hinrikus and Kristo Käärmann, Wise launched in 2011 under its original name TransferWise. It is one of the world’s fastest-growing tech companies and is listed on the London Stock Exchange under the ticker, WISE.

10 million people and businesses use Wise, which processes over £5 billion in cross-border transactions every month, saving customers over £1 billion a year.

For more information on Wise Platform and capabilities, visit wise.com/us/business/api.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005239/en/

Payfare

Lindsey Abshire

(647) 417-4788

lindsey@fletchergroupllc.com

or

Su Chun, Chief Compliance & Legal Officer

1 (888) 850-2713

investor@payfare.com

Wise

Ben Liwanag

Benjamin.Liwanag@Wise.com

Source: Payfare

FAQ

What is the partnership between Payfare and Wise about?

Payfare and Wise have announced a partnership to integrate low-fee international money transfer capabilities into Payfare's digital banking platform, enabling gig workers to send money abroad instantly.

When will the Payfare and Wise integration take effect?

The integration of Wise's payment capabilities into Payfare's digital banking app is set to begin in 2022.

How will the Wise partnership benefit gig workers?

The partnership will offer gig workers a faster, more cost-effective way to send money internationally, eliminating the need for expensive legacy services.

What countries can gig workers send money to using Payfare and Wise?

Gig workers will be able to send money to over 80 countries through the Payfare platform integrated with Wise.

What is Wise known for?

Wise is known for providing secure, low-cost international money transfers and transparency in pricing and exchange rates.