Payactiv Wins 2021 Digital Wallet Innovation Award

Winners are selected by a global panel of independent experts on digital payments and wallets.

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Aug 18, 2021, 09:00 ET

SAN JOSE, Calif., Aug. 18, 2021 /PRNewswire/ -- Payactiv, Inc, a certified B Corp and the leader in Earned Wage Access (EWA), has won the 2021 Digital Wallet Impact Innovation Award presented by Aite-Novarica Group in partnership with the Mobile Payment Conference and sponsored by Cybersource, a Visa^® solution. Payactiv won in the category of Product Design.

Key Facts

Payactiv won Aite-Novarica Group's 2021 Digital Wallet Impact Innovation Award for Product Design. The award will be delivered August 18, 2021 during the 2021 Mobile Payment Conference.
Payactiv is a one-stop solution to save, spend, plan, and budget. Instead of having to use multiple apps – which can be expensive and clunky – Payactiv combines EWA, linking your bank account, getting the Payactiv Visa Card*, and exclusive discounts all in one app. Payactiv is a mission-driven B Corp focused on bringing financial empowerment to over 100 million Americans looking for financial stability.

Quote

Payactiv co-founder and CTO Sohail Aslam said: "The Payactiv app is our response to the pressing needs of millions of Americans. We are honored to be recognized for our product design innovation."

The Big Picture

Payactiv invented EWA, a payment service that enables workers to get paid as they earn. The Payactiv App also includes: up to 2-day early pay¹ with direct deposit, integrated bill pay, instant P2P funds transfer, 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 with NFC, compatibility with Apple and Google Wallets, cash pickup at Walmart, 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.

¹ In order for you to be paid early, your payroll or benefits payment provider must submit the deposit early. It is important to note that your payroll or benefits payment provider may not submit the deposit or payment early each payment period. Be sure to ask your payroll or benefits payment provider when they submit your deposit information to the bank for processing. Early deposit of funds will begin upon the 2nd qualifying deposit. A qualifying deposit is defined as a direct deposit greater than $5.00 received from the same payer.

SOURCE Payactiv