Walmart Launches Employee Payment Tool with Early Access to Funds
BENTONVILLE, AK - Walmart has launched a new app, in partnership with Silicon Valley tech start-ups Even and PayActiv streamlining the idiom “time is money.” The new launch, which the retailer described as an industry-first tool, allows more than 1.4 million employees accross the nation to cultivate financial wellness and even access their check pre-pay day.
“Traditional approaches to workforce well-being often focus solely on physical health, but we know from listening to our associates that financial well-being is just as important. We’re investing to give our people financial tools that help provide more stability in their lives, which we believe will empower them to be all they can be when they are at work serving our customers,” said Jacqui Canney, Walmart Chief People Officer.
Available to all Walmart, Sam’s Club, and Walmart e-commerce employees when it launches, the Even app connects to checking accounts, prepaid accounts, or Walmart Associate Paycards securely while linking to Walmart's payroll systems.
Expenses will automatically subtract from a user’s anticipated cash inflows, allowing associates to see exactly how much money they’re okay to spend. Associates will access the tools through the Even app, available for both iOS and Android devices, according to a press release. Unexpected expenses? Employees can now access earned wages ahead of schedule using an “Instapay” feature. Trouble mapping out room for spending around bills and savings? This looks to help Walmart workers automatically do so.
“Money management is something people across every income level struggle with, in large part because they don’t have access to good tools,” said Jon Schlossberg, CEO of 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 hard working Americans."
Not only do the companies say the technology will cut out the work of figuring out how much money is okay to spend, but it should also provide the flexibility needed to avoid overdrafts, high-fee funding, or credit options.
“Every American worker faces unexpected and stressful between-paychecks expenses,” said Safwan Shah, Founder and CEO of PayActiv. “With on-demand access to earned wages, Walmart associates will be able to save more, avoid the financial traps that reduce their take-home pay, and get a level of stability that few service sector employers provide.”
Walmart said that it will cover the entire cost of Even’s automated financial management tool for both hourly and salaried associates, ensuring associates can use Instapay up to eight times per year for free. Associates can use the program more frequently if needed, in which case the retailer would subsidize the additional Even subscription required to do so.
The latest in a slew of financial- and tech-related moves, AndNowUKnow will continue to report on this developing strategy.