Payactiv Digital Wallet Wins Grand Prize

The grand prize winner was selected by a global panel of independent experts on digital payments and wallets.

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Aug 25, 2021, 12:00 ET

SAN JOSE, Calif., Aug. 25, 2021 /PRNewswire/ -- Payactiv, Inc, a certified B Corp and the leader in Earned Wage Access (EWA), has won the grand prize for innovation at the 2021 Digital Wallet Impact Innovation Awards presented by Aite-Novarica Group in partnership with the Mobile Payment Conference and sponsored by Cybersource, a Visa^® solution.

Key Facts

Payactiv Digital Wallet Wins Grand Prize

Payactiv won big at the Digital Wallet Awards, receiving the event's grand prize. Payactiv was recognized as a trailblazer in the digital wallet space, delivering outstanding user experience with access to the most comprehensive financial wellness services.
Competition was based on several criteria including level of innovation and competitive advantage, market needs, impact on customer experience, impact on customer operational efficiency, impact on customer retention, level of scalability across customer base, and future roadmap. The runners-up were VELA, Nexi, Ceridian, and Comviva.

Quotes

Thad Peterson, Senior Analyst at Aite-Novarica Group, said: "The combination of providing major benefit for employees at no cost, a powerful employee retention tool, and a financial wellness platform for employees makes Payactiv one of the most exciting new companies in financial services."
Payactiv co-founder and CTO Sohail Aslam said: "Payactiv delivers a one-stop solution that combines EWA, a digital wallet, cashless transfer, and a discount marketplace. We are honored to win the grand prize and will continue delivering best-in-class technology.

The Big Picture

Payactiv invented EWA, a payment service that enables workers to get paid as they earn. The Payactiv App also includes: integrated bill pay, exclusive marketplace discounts, and a dynamic tool for workforce communication.
The Payactiv Visa^® Card* meets the highest standards of security and usability with sought-after features like money loads, virtual cards, Tap-to-Pay, compatibility with Apple and Google Wallets, and access to over 37,000 surcharge-free MoneyPass^® ATMs.
In 2021, Payactiv won two American Business Awards for Company of the Year in Financial Services and Best Corporate Social Responsibility Program, the B Corp Best for the World™ for positive social impact, and was a 2021 Webby Award finalist for the short animated film, "We Heard You" - which is a tribute to the humanity of all workers.

About Payactiv

Payactiv, a Public Benefit Corporation and Certified B Corp, is a holistic financial-wellness platform that provides employees on-demand access to earned but unpaid wages. Businesses that partner with Payactiv see significant cost reductions through increased recruitment, engagement and retention. Employees love Payactiv because it eliminates the expensive between-paycheck toll of payday loans, bank overdrafts, and late fees. Payactiv offers a suite of financial services that includes savings and budgeting tools, bill payment and financial-health measurement. Payactiv is the winner of the American Business Awards' Company of the Year for Financial Services award, the Innovative Payments Association's Consumer Champion award, a Finovate winner and finalist, and the recipient of numerous best-in-class awards in both FinTech & HRTech. In 2021, Payactiv won the B Corp Best For The World designation for corporate excellence beyond profit.

About Aite-Novarica Group

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.

* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll free at 1 (877) 747-5862, 24 hours a day, 7 days a week.

SOURCE Payactiv