SAN JOSE, Calif.--(BUSINESS WIRE)--PayActiv, the leading provider of employment-based holistic financial wellness services, is announcing the availability of cash access of earned wages at any Walmart for PayActiv employee members. This will enable millions of workers across the country the flexibility to access wages for critical needs any time their local Walmart Money Center / Walmart Service Desk is open with no delay in transferring funds and without the need for a bank account.
“More than nine million Americans have no bank account, and nearly 30 percent of all transactions are still conducted with cash,” said Safwan Shah, Founder and CEO of PayActiv. “If a financial emergency hits over the weekend or on a holiday, PayActiv can provide immediate funds from the wages a worker has already earned by offering cash pick-up at Walmart, helping them avoid expensive alternatives such as high interest loans or over draft fees.”
PayActiv provides member employees timely access to earned, but unpaid income, to address needs without the fear of overdraft fees, late fees or additional debt.
PayActiv first began offering earned wage access via cash at Walmart stores to Walmart associates in August 2018. The new solution expands access to all PayActiv users across hundreds of companies nationwide.
The process is quite simple. Workers request access to wages via the PayActiv app, and the company issues each user a unique PIN that is taken to a Walmart Money Center / Service Desk where it is shown to a Walmart associate with a photo ID. Upon verification of the approved wage access and identity confirmation, Walmart issues the cash instantly via its Direct2Cash platform. PayActiv currently does not charge users additional fees beyond the standard membership costs.
“Millions of people rely on Walmart as a convenient, safe and easy place for cash pick-up; now, we are offering the ability for PayActiv users to pick up their earned wages via cash at Walmart,” said Mark Matthews, Vice President, Digital Acceleration for Walmart Services, Walmart U.S. “With 90 percent of American living within 10 miles of a Walmart store, we know that this increased access to cash-based earned wages will enable PayActiv users to quickly access their funds for unexpected expenses and during critical times of need.”
“When you need milk and diapers on Friday night, or your car breaks down on the weekend, it does no good to wait until Monday for funds to transfer to your prepaid card or bank account,” Shah said. “Earned wage access enables employees to align income with expenses, and the immediate access to cash at Walmart eliminates the obstacles experienced in other alternative financial services, such as 24-hour transfer delays, required bank accounts and lack of access on holidays or weekends.”
About PayActiv
PayActiv is an award-winning holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. Businesses that partner with PayActiv see significant cost reductions through increased engagement and retention. Employees love PayActiv because it eliminates the between-paycheck financing fees of payday loans, bank overdrafts and title loans. PayActiv also offers a suite of services that include better banking products, savings and budgeting tools, bill payment and financial health measurement. PayActiv won best in class awards in both FinTech and HRTech categories in 2016. Visit www.payactiv.com to learn more.
