Retail giant Walmart has teamed up with two fintech start-ups – Even & PayActiv – to offer its 1.4 million associates a suite of financial wellness products. Walmart will also cover the cost of these tools, which help both hourly and full-time employees plan ahead for savings goals and bills and calculate their funds available for spending. We continue to see both practical and futuristic applications of fintech throughout the sector. We think this one is a great example of how fintech can be used to help “everyday people” manage their finances more effectively. Kudos to Walmart for this great new directive.
“On Wednesday, retail giant Walmart announced it has teamed up with fintech startups Even and PayActiv to provide a suite of new financial wellness services for its more than 1.4 million associates nationwide.
According to the retailer, this new financial solution will allow its associates to automatically plan ahead for bills and savings goals, along with figure out how much funds are available for spending. The company revealed:
“When unexpected expenses occur, associates can access earned wages ahead of scheduled paychecks using an ‘Instapay’ feature, providing greater flexibility and helping them avoid overdrafts, high-fee funding or credit options.”
While sharing more details about the solution, Jon Schlossberg, CEO of Even, stated:
“Money management is something people across every income level struggle with, in large part because they don’t have access to good tools. 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….”
Full Story at Crowdfundinsider.com