Hastee, the Earnings on Demand company, today announces the launch of the world’s first Earnings on Demand contactless debit card, powered by Visa. Hastee Card enables users to access and spend their accrued earnings in real-time, as they earn it, anywhere in the world, with the card’s balance dynamically increasing as earnings accrue.
Hastee launched the UK’s first Earnings on Demand solution via an app in August 2017; working with employers, its technology gives workers the ability to withdraw up to fifty per cent of their daily salary to their nominated bank account, on the day they earn it. Hastee Card builds upon and enhances the user experience by reducing friction and offering immediate spending power as well as a path to greater benefits such as cashback and rewards in the future.
James Herbert, Founder and CEO at Hastee, said: “Now more than ever, workers in every sector need fast and flexible access to the money they earn. The effects of COVID-19 have emphasised that current payroll systems leave many struggling for the liquidity they need at pivotal points in the month. Hastee Card is the natural evolution of the work we have been doing to help support workers and employers in the UK, and we’re excited to be spearheading a solution that revolutionises an outdated process and brings greater financial wellbeing to those who need it the most.”
The card offers the first use of ‘Buffer’ technology from end-to-end banking and payments solution provider Contis. The technology allows Hastee to dynamically assess a user’s accrued earnings from their employer when they use the card to make a payment and, provided they have sufficient earnings available, immediately delivers the spending power needed to complete the transaction. Buffer technology assesses both accounts, runs an almost instant approval process, and completes the transaction with funds from the second account, providing a seamless customer experience.
Hastee’s mission is to provide workers with the financial freedom they need to meet today’s challenges, as well as to help build a better and more productive UK economy for all. Research has shown that a lack of access to financial liquidity leads to stress and poor financial decisions. Hastee’s 2019 Workplace Wellbeing Study showed that up to 74 per cent of the 2,000 employees surveyed across the UK had suffered personal finance-related stress. Further, up to 82 per cent of UK workers rely upon high-cost credit between paydays to make ends meet, despite 38 per cent knowing they will struggle to keep up with repayments.
Hastee is available at zero cost to employers and can integrate with payroll systems within minutes. The card is in its final trial phase and is fully compliant with the Financial Conduct Authority (FCA). The initial roll out will commence in June 2020.