Payactiv, financial wellness, and earned wage access service provider have announced its alliance with Paycor HCM, Inc., a human capital management solution provider to introduce the Paycor wallet. This wallet will allow the employees to access earned wages and pay card details via a completely digital wallet.
Furthermore, this wallet will also enable other hosts of different resources consisting of financial wellness. These latest features will be available starting in September.
Safwan Shah, Founder, and CEO of Payactiv commented, “We’re thrilled to partner with Paycor in delivering the Wallet and a suite of financial-empowerment tools for employees. This offering will help Paycor customers retain their workforce and attract new talent.”
Paycor Wallet will consist of the newly introduced Paycor Visa Card, accessible by all the users of the Paycor digital app. This app will further allow its users to get their salaries immediately in the mobile wallet itself, meanwhile encouraging for using further financial literacy tools as well. The wallet allows users to access Paycor’s already existing OnDemand Pay service, enabling them to get access to a part of earned wages of the previous working day.
Raul Villar Jr., Chief Executive Officer of Paycor, stated, “With over 125 million US workers living paycheck-to-paycheck, it is imperative for us to provide a mobile app where customers can instantly access an array of helpful financial wellness features. This benefits both clients and business leaders. Fast, easy and even early access to funds will be incredibly beneficial to many of our customers, while providing employees with more access and control within the mobile app continues to help automate processes for business leaders.”
The wages accessible by the users will be available for transferring to their different bank accounts, withdrawing as cash, or get it accumulated onto debit cards. However, the newly joined users will get Paycor Wallet immediately, for already existing customers the wallet would be available in September beginning only.