Paycor, a provider of human capital management (HCM) software, has launched a mobile wallet for employees in partnership with Payactiv, an earned wage access provider. The new features became available beginning in September for all existing users.
The Paycor Wallet gives employees the flexibility to access earned wages and pay card information through a fully digital wallet that can be accessed through a mobile app. The mobile wallet also provides users with additional features, including financial wellness tools such as budgeting tools, goal-based savings, discount marketplace and direct bill pay.
The mobile app will allow users to receive their pay directly into the mobile wallet, while also giving them access to helpful financial literacy tools. The company explained, “Paycor Wallet also makes it easier for employees to use Paycor’s existing OnDemand Pay platform, which allows early access to a portion of earned wages before payday.”
The early access to wages comes at no cost to employees. Furthermore, wages accessed through the wallet can also be transferred to other bank accounts, loaded onto other debit cards, or withdrawn as cash by the employee.
Boosting Financial Wellness
According to Raul Villar Jr., Paycor’s CEO, more than 125 million workers in the United States live paycheck-to-paycheck.
Villar noted that this phenomenon made it necessary Paycor to develop the mobile wallet to give workers access to an array of financial wellness features. He added that the wallet is beneficial not only to employees but also to business leaders, providing employees with more access and control within the mobile app continues to help automate processes for business leaders.
On his part, Safwan Shah, the founder and CEO of Payactiv, expressed excitement at the partnership and the new financial literacy features it includes. “This offering will help Paycor customers retain their workforce and attract new talent,” Shah said.