How do you see the expansion of the gig economy and the way its workers want to get paid impacting the future of work and also the future of payments? In other words, do you think gig payments are driving any larger payment trends when it comes to how workers wish to get paid, and if so, why?
“When the early gig economy innovators launched the first instant payments use case five years ago, the desire was to provide the ability for workers to choose when they got paid: to wait for their regular paycheck or choose to get their pay on demand, immediately, for a fee. That notion of timing choice (get paid whenever I want) sparked the next larger payment trend, one that even goes beyond workers, led in large part by the insurance industry and claims disbursements. If someone could choose when they got paid, the next best improvement would be to introduce choice in the way they got paid.
Gig platforms looking to offer this broader notion of instant payments and choice — particularly urgent now as the pandemic has increased financial pressures for gig workers — should be looking for a platform provider that goes beyond offering a point-to-point solution, such as push-to-debit or RTP. These platforms need a provider that instead offers the capability to seamlessly and securely send funds any way the recipient wants, to an account they own — to their own debit card, bank account or mobile wallet like PayPal.
We are now on the cusp of the next frontier of disbursements, Disbursements 3.0: the ability to offer choices across all use cases, no matter the complexity. What started with paying drivers faster will end up evolving into an ecosystem with new business models born out of the many choices recipients get to make.”
CEO at Ingo Money
Table of Contents
- WHAT’S INSIDE
A look at global disbursement shifts, including how the ongoing pandemic is impacting disbursement trends inside the expanding gig economy and how it could affect how workers are paid or prefer to be paid in the future
- FEATURE STORY
An interview with David Cane, vice president of customer success, trust and safety for dog walking and pet care platform Wag!, on how the ongoing pandemic has accelerated both gig workers’ and the overall gig economy’s need for seamless, digital disbursements
- NEWS AND TRENDS
The latest disbursements headlines, including why newly launched freelance marketplace TmrO is leaning on quick digital payouts to help bring ad hoc workers to its platform and why outdated IT processes are slowing down the IRS’ ability to swiftly disburse outgoing stimulus payments to recipients
- DEEP DIVE
An in-depth analysis of how the ongoing pandemic has impacted freelancers’ payment expectations and why instant payment solutions will come to play a key role in the gig economy’s future
- PROVIDER DIRECTORY
A look at top disbursement companies, including one addition, Sync
Information on PYMNTS.com and Ingo Money