14 Jun, 2022, 09:00 ET
Instant Cashout via Direct to Debit Allows Drivers to Instantly Send Grubhub Earnings to Visa Cards
CHICAGO, June 14, 2022 /PRNewswire/ -- Grubhub, a leading food ordering and delivery marketplace, today announced the launch of Instant Cashout via Direct to Debit, which drivers can use to immediately access their earnings. The new payout option, enabled by Hyperwallet from Paypal and Visa Direct1 - Visa's real-time2 money movement network - offers more flexible access to earnings by allowing any driver with an eligible bank debit card to deposit their accrued earnings to their eligible debit or prepaid card.
"Cashing out is one of the most important features to Grubhub's drivers, and we are constantly innovating to deliver the best possible experience," said Mrugesh Bavda, product manager for Grubhub. "Direct to Debit will expand the ways our drivers can immediately and reliably access the income they generate on our platform, while maintaining the flexibility and independence that they appreciate from Grubhub."
Direct to Debit is powered by Hyperwallet, a payout management platform managed by PayPal, which in turn uses Visa Direct to deposit those payments to bank debit cards.
"PayPal and Grubhub have nurtured a very strong relationship over the last 10 years that has resulted in millions of customers opting to use PayPal or Venmo at checkout," said Cindy Turner, vice president of large enterprise product and growth at PayPal. "Currently more than 95 percent of Grubhub transactions are processed by our enterprise offering Braintree, which includes added benefits such as high authorization rates and low risk losses. The addition of payouts through Hyperwallet is a natural extension of our work together, and we are excited to help drivers access their funds more quickly and efficiently."
"Today's consumers are accustomed to 'real-time everything' and worker expectations are no different when it comes to receiving tips and earnings," said Yanilsa Gonzalez-Ore, SVP, North America Head of Visa Direct. "Through collaborations with companies like Grubhub, Visa Direct is helping reshape money movement to provide workers with faster, digital access to the money they've earned."
Instant Cashout via Direct to Debit is Grubhub's latest step to increase financial stability and flexibility for its drivers and is rolling out to all drivers throughout the month of June. The company initially rolled out Instant Cashout - in partnership with Chase - in 2019, allowing drivers to instantly cash out available earnings straight to their bank accounts. More than 60 percent of drivers currently use Instant Cashout as their primary or partial means of getting funds, and drivers use the feature three times per week on average.
Grubhub is part of Just Eat Takeaway.com (LSE: JET), (AMS: TKWY), a leading global online food delivery marketplace. Dedicated to connecting more than 32 million diners with the food they love from their favorite local restaurants, Grubhub elevates food ordering through innovative restaurant technology, easy-to-use platforms and an improved delivery experience. Grubhub features more than 320,000 restaurant partners in over 4,000 U.S. cities.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 429 million consumers and merchants in more than 200 markets to join and thrive in the global economy.
1 Visa Direct capability enabled through Grubhub's financial institution partner
2 Actual fund availability depends on receiving financial institution and region
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