PURCHASE, N.Y.—Mastercard is recognizing the impact of the gig economy.
The company has just signed a partnership with Evolve Bank & Trust to use Mastercard Send for interest-free pay advances to hourly and gig workers.
“The move is an attempt to compete with payday advances as well as serve the disparate payroll needs of contractors,” stated Payments Source.
The card brand cited internal research that found U.S. gig workers received $236 billion through pay advances in 2018, as well as research from McKinsey that found 27% of workers in the U.S. are now engaged in an independent or alternative work arrangement as their primary job, Payments Source explained.