In the world of mobile wallets, instant payment systems, and accessories that let you swipe a customer’s credit card through your smartphone or tablet, there’s one segment of the retail population that has so far gone unloved: the wage earners. With access to instant forms of payment, one company has decided there’s no logical reason for wage earners to wait days or even weeks for payday.
Stripe, a mobile payment platform used by retailers and small businesses, already functions as an instant payment method that consumers can use without even taking out their wallets. The customer buys food from a street vendor and pays through Stripe, and the company that franchises the food cart gets its payment. However, the person in the equation who got overlooked was the individual who actually wrapped up that sandwich and handed it over. It’s nice that he doesn’t have to keep cash on hand for transactions, making him a target for both crime and accusations of theft, but at the end of his shift, he walks away with any more money than he had the day before.
That’s about to change. Thanks to Stripe and its existing instant payment model, employers will be able to pay their employees or their freelancers immediately. Those funds can be deposited into the recipients’ accounts by the end of the shift, and not just their limited-acceptance Stripe accounts, but their actual bank accounts. While this is ideally suited to people who work on a per-job basis–like Lyft drivers, a company who’s already putting Stripe into action–anyone could potentially receive their pay sooner rather than later. And sure, companies like Apple Pay and Google are offering a more widespread market coverage from the consumer end, but it’s nice to see a company working towards helping everyone in the retail chain.