Paycheck? More like paycard
Goodbye paychecks, hello paycards.
Following its acquisition of Global Cash Card, ADP is introducing a new service tool called Wisely Pay. Wisely Pay includes a chip-and-pin card, and also gives employees multiple ways to access their compensation – even those who do not have bank accounts.
These include fully electronic options like peer-to-peer transfers, instant pay, and mobile digital wallets by Apple Pay, Samsung Pay, and Android Pay.
Paycards and digital accounts are increasingly becoming attractive options, allowing employees to access their pay how and when they want.
The functionality of digital accounts, including paycards, and ease of access to funds have made them particularly popular among millennials. According to a recent report commissioned by ADP, almost half of Gen Z (47 percent) and nearly a third of millennials (31 percent) would turn down a job if they were unable to choose their method of pay. Additionally, this report revealed that 47 percent of millennials and 66 percent of Gen Z have used a pre-loaded payment card in the last 12 months.
"Wisely Pay is leading the way people get paid in the future as a true bank alternative, with innovative services like instant pay, savings, digital wallet, and other financial management and wellness features that are better aligned with the evolving workforce,” said Doug Politi, president of Compliance Solutions at ADP.
The Wisely paycard will first be available to employers who select to offer sponsored accounts for employees in September 2018 in the United States.