That instant payments have been a significant boon to workers in the gig economy is almost inarguable. A glance at the data demonstrates why. According to a study released jointly by PYMNTS and Mastercard, a large segment of gig workers live paycheck to paycheck, and more than a third of them wait at least a week for their wages. Getting paid faster can often mean the difference between staying ahead of their finances and getting buried under a high pile of overdraft and late fees.
But what Mastercard has come to appreciate, Senior Vice President of Digital Partnerships Adam Granoff noted, is that gig workers aren’t the only segment of the workforce trying to manage shortfalls between regularly scheduled pay periods.
“There has been a lot of focus on workers entering the gig economy. But what we know is that the cash flow issue and financial stresses gig workers face are often also faced by hourly workers — especially those who don’t have consistent hours,” Granoff told Karen Webster shortly after the announcement of Mastercard’s partnership with Branch to provide a digital bank account for consumers who work for hourly wages.