Paydek turns to Ripple to accelerate gig economy payments in new markets

By Gaia Lamperti

The gig economy has created new financial opportunities, benefitting both individuals and local economies, as freelancers and independent contractors reap the benefits of a flexible schedule and remote work.

In just two short years, the industry is expected to become a $455 billion market, however, getting paid in a timely manner is still a challenge for gig economy workers. Legacy payment systems are not adept to meet the demands of our modern and on-demand world, leaving freelance workers waiting weeks for payment.

As adoption of digital technology continues to soar in emerging markets and becomes the preferred option to support payments, those championing speed, security and choice in payments will be the providers of choice for on-demand workers.

UK-based payments company, Paydek turned to Ripple to help solve these problems faced by their customers, which include website designers, independent contractors and payroll companies, to deliver reliable, real-time cross-border payments into new markets.

The company is doing so through RippleNet, a platform that leverages blockchain technology to help partners across a global network accelerate their business performance and scale. RippleNet delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments

Paydeck will expand its footprint to Africa, a quickly growing hub for on-demand work, after having connected to Latin America in partnership with Localpayment.  “Expanding RippleNet to better serve Paydek’s customers is a testament to the power of blockchain technology to significantly transform global payments,’” said Sendi Young, Managing Director of RippleNet Europe. “Through Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital remittances, in regions where faster payments are crucial to people’s livelihoods.”

Paydek provides a variety of cost-effective payment options, so its customers can choose what works best for them including prepaid cards, debit cards, dedicated IBAN accounts, bank account payments, OCT transfers, and wire transfers. After its expansion in emerging markets, the company now supports 9 local currencies in Africa including XOF, XAF, SLL, KES, RWF, TZS, GHS, UGX and ZAR, and 4 in Latin America, MXN, ARS, CLP and UYU.

Terry Hopkinson, Managing Director at Paydek, commented: “At Paydek, our goal is to deliver the most efficient and cost-effective payment products and methods to our customers. Our two new connections with Ripple in Africa and Latin America mark another milestone in building additional local payment rails and the payment technology infrastructure for our clients and partners.”

“The ability to provide fast payment delivery and a broad array of payment options is vital to our clients’ financial stability. With the addition of Localpayment’s expertise and support, Paydek is better positioned to offer an enhanced service to our clientele with local bank transfers into the Latin America market, where we are seeing significant growth for our customers,” Hopkinson added.