Walmart has that FinTech feeling
Walmart has teamed up with FinTechs, Even and PayActiv, to launch employee tools for personal money management, financial planning and on-demand access to earned wages.
‘Associates’ will access these through the Even app, available for both iOS and Android devices. The joint solution will allow them to automatically plan ahead for bills and savings goals. When unexpected expenses occur, they can access earned wages ahead of scheduled paychecks using an Instapay feature. Walmart will cover the entire cost of Even’s automated financial management tool for both hourly and salaried associates, and will ensure they can use Instapay up to eight times per year for free. Should they need to use it more frequently, the retailer will subsidise the additional Even subscription required to do so. The financial management and Instapay features will be available to all Walmart, Sam’s Club and Walmart e-commerce associates.
“Money management is something people across every income level struggle with, in large part because they don’t have access to good tools,” says Jon Schlossberg, CEO at Even. “In real life, if you want to get ahead, you’ve got to make a financial plan, and also have a way to fix the plan when it breaks. Even offers tools for both, together in one app. Working with Walmart and PayActiv gives us the opportunity to put these powerful, easy-to-use financial management tools in the hands of millions of hardworking Americans."