ADP’s Workmarket, Bottomline Technologies, Fiserv, Green Dot, Marqeta, PaymentRails, PayPal Hyperwallet, Qwill, SimplyPaid, Square, Stripe’s Payable, and now KyckGlobal are all chasing the money sent to 1099 gig workers.
On the one hand this announcement is interesting because KyckGlobal has partnered with MoneyGram to enable worldwide payouts in cash. On the downside KyckGlobal is built on blockchain technology and can perform payouts to crypto, which may worry regulators here in the US:
“About 60 million people in the US participate in the gig economy, and studies estimate that nearly one-third of these workers prefer same-day payments in cash.
“As a result of our partnership with MoneyGram, we can now better serve these workers by providing them with quick and convenient access to receive their hard-earned money in cash,” said CRO of KyckGlobal, Sam Wheeler.
MoneyGram Chairman and CEO Alex Holmes added, “This partnership is a great example of how we continue to execute our growth strategy to capitalize on the strength of our leading digital and physical network to serve new customers, in new ways. We’re thrilled to partner with another innovative fintech company that seamlessly plugged into our API-driven platform to deliver both choice and convenience for consumers.”
As KyckGlobal integrates with more businesses to streamline and simplify the complexities of managing and paying contract workers, both companies look forward to leveraging each other’s platforms to drive growth.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group