Gig economy

Old National relocates Louisville office following mass shooting in April, American Express brings back $1 million in grants for historic eateries, Adyen speeds payouts for gig workers and more in this week's banking news roundup.

The move means companies can give consumers options other than ACH transactions or debit cards to receive disbursements for insurance claims, health care or gig work.

This has been dubbed the "summer of quitting," and three neobanks are aiming to capitalize on the trend by developing apps that provide budgeting, invoicing and tax calculation to meet the specific needs of contract workers.

The two payment providers are teaming up to support real-time payments for contractors globally. The move is designed to capitalize on Marqeta's recent initial public offering.

When people stopped using Wag's core business during the pandemic, the company added multiple technologies to allow it to sell pet food, offer digital training and provide other services. Those same upgrades will stay in place as former clients come back.

Four out of five gig workers want faster payments, and most have less than $500 in savings, according to a study by Branch and Marqeta.

Walmart, Amazon, Facebook, Apple and Google are just a few of the non-financial companies that are using scale and innovation to compete in financial services.

More people are joining the gig economy, and a major driver of this trend — particularly for those working multiple gigs — is a need for faster access to cash to meet expenses.

Making gig workers’ pay automatically available at no cost each day or after each completed shift would benefit everyone, while providing a win-win scenario for the worker and platform alike, says Payfare's Marco Margiotta.

Instant payouts for gig workers have been gaining traction globally for the last five years, but Canada lacked many options until COVID-19 struck.

Indonesian internet giant Gojek paid about $160 million to increase its stake in PT Bank Jago, making its biggest investment in financial services to date.

Ride-sharing apps always seem to be racing to be something else — or at least something more — especially given the coronavirus pandemic's impact on travel. With a banking license in Singapore, Grab can add fuel to the strategy.

Viva Wallet is offering London’s 20,000 black taxis a Mastercard-branded business debit card whose cashback is meant to be offset against card acceptance fees at the acquirer’s in-taxi terminals.

In a battle between two giants of ride-hailing and payments, Grab beat out Go-Jek to lead a $100 million fundraising round for the Indonesian government-backed e-wallet provider LinkAja.

Ahead of a holiday shopping season that should focus heavily on e-commerce, Amazon is updating its rewards program to keep delivery drivers interested in handling its packages.

My Digital is working with Modulr to deliver automated payroll services for U.K. contract workers.

California-based bank Green Dot Corp. is partnering with and investing $2.5 million in Gig Wage to offer services like debit cards and money management to gig workers, many of whom are among the tens of millions of unbanked and underbanked Americans.

The Pasadena, Calif., bank is partnering with and investing $2.5 million in Gig Wage to offer services like debit cards and money management to gig workers, many of whom are among the tens of millions of unbanked and underbanked Americans.

Targeting fintechs serving the fast-growing ranks of U.S. gig workers, Mastercard has formed a partnership with a portable-benefits provider Stride to help users find health, dental and vision care.

Burger King envisions a future in which the only thing its patrons will touch is their actual food, a redesign acknowledging 2020’s emergency workarounds have permanently shifted how people engage businesses and gained habits that go beyond their fear of spreading germs.