Paycor and Payactiv partner to launch mobile app feature, Paycor Wallet
By Edlyn Cardoza
Paycor HCM, Inc., a provider of human capital management (HCM) software, unveiled its latest mobile capability, Paycor Wallet. The newest innovation gives employees the flexibility to access earned wages and pay card information through a fully digital wallet. The mobile wallet will also feature a host of other resources, including financial wellness tools. Paycor has partnered with Payactiv, an earned wage access and financial wellness platform, to launch the mobile wallet. The new features will be available to all customers beginning in September.
“We’re thrilled to partner with Paycor in delivering the Wallet and a suite of financial-empowerment tools for employees. This offering will help Paycor customers retain their workforce and attract new talent,” said Safwan Shah, Founder and CEO of Payactiv.
Paycor Wallet features the new exclusive Paycor Visa® Card, which will be available to all Paycor mobile app users. The mobile app will allow users to receive their pay directly into the mobile wallet while empowering them with financial literacy tools. The newly-launched wallet 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.
“With over 125 million US workers living paycheck-to-paycheck, it is imperative for us to provide a mobile app where customers can instantly access an array of helpful financial wellness features. This benefits both clients and business leaders,” said Raul Villar Jr., Chief Executive Officer of Paycor. “Fast, easy and even early access to funds will be incredibly beneficial to many of our customers, while providing employees with more access and control within the mobile app continues to help automate processes for business leaders.”
Wages accessed through the Paycor Wallet can be transferred to other bank accounts, loaded onto other debit cards, or withdrawn as cash. New Paycor customers will receive Paycor Wallet automatically, while existing customers will begin to see the Wallet starting in September.
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