Consumer payouts via cards

Many new marketplace platforms look to facilitate payout to consumers, e.g. influencers, gig economy workers, general payroll etc., across the world. Most often, the way this is currently done is via bank transfer to the individual on a scheduled basis (a capability Airwallex also supports).

An option growing in popularity however is to issue a consumer card to the individual and payout via the card. The advantages this yields is instantaneous payout to the individual for them to use their funds rather than having to wait for a regular pay cycle. It also yields advantages for the platform by keeping the individual in their ecosystem and being able to offer incentives/rewards to enhance their consumers' offering/experience.

Let's consider an example of facilitating gig economy payroll on a rideshare platform where the platform is paying out to a driver immediately after they’ve completed a trip via the Airwallex platform using its consumer card offering.

1. Rideshare platform onboards the driver via Airwallex’s Banking as a service by setting them up with a segregated connected account and a Wallet.
2. Natively within the rideshare platform, the driver can be given a virtual card instantaneously that is completely whitelabelled to the rideshare platform powered by Airwallex’s consumer card offering. The card can be added to Apple/Google pay or the driver can also request a physical card if they need.
3. When the driver completes a trip, the rideshare platform can immediately transfer the due funds from their platform account to the driver's individual Airwallex account and these funds immediately become accessible via their card.
4. The driver can now go and make purchases on their card with the funds they’ve earnt immediately after completing their work.
5. Balance and transaction history is available via an API and can be integrated natively within the rideshare platform’s application to make the experience completely tailored to their specific needs.