Immediate payments fuels the 'gig' economy's next phase
The nature of work is changing. Employees are more mobile, employers more flexible.
According to recent Bureau of Labor Statistics reports, freelancers now represent 34% of the American workforce, a proportion expected to reach 43% by 2020 and pass 50% by 2027.
As part of this, traditionally employed and freelancers alike are joining the growing “gig economy.” They drive for Uber, host on Air BnB and dog-sit through Rover. Last year there were 4 million gig workers in the U.S., and if growth continues, the gig economy workforce will double over the next two years.
As many sectors transform both in and out of the gig economy, workers have become more agile, adding skills, pivoting into new territory, starting solo ventures and picking up side gigs.
This is part of a bigger cultural shift that finds more workers customizing their careers to reflect their values, provide more independence and increase their earning power.
There are exciting opportunities to make payments as agile as this evolution needs them to be. There is no shortage of opportunity to innovate solutions to help the new gig economy run smoothly.
Having access to same-day payment options gives individuals greater control over their finances and generally more autonomy day to day.
The fact that we now have the tools to put that money in people’s pockets almost immediately aligns perfectly with our value of increasing speed and efficiency through innovative technologies and payments systems, and, ultimately, to provide businesses and individuals with the 21st-century tools they need to thrive.