Mastercard has partnered with Hi55 Ventures to “reinvent payroll” and enable people to access earnings in real time.
In Brief:
The pair have launched a “salary access card”.
It enables workers to directly access money they have earned in real time, with a limit based on their earnings.
Issued by Railsbank, the card is available to employees of companies that sign up to Hi55’s innovation platform, Hi.
What does this mean?
Hi aims to give employers the opportunity to offer an “alternative employee benefit” in the form of easier access to pay without having to wait until the end of the week or month. It says this has the potential to reduce reliance on “high-rate borrowing”.
