Payactiv Digital Wallet Wins Grand Prize

Payactiv, Inc, a certified B Corp and the leader in Earned Wage Access (EWA), has won the grand prize for innovation at the 2021 Digital Wallet Impact Innovation Awards presented by Aite-Novarica Group in partnership with the Mobile Payment Conference and sponsored by Cybersource, a Visa solution.

Key Facts

• Payactiv won big at the Digital Wallet Awards, receiving the event’s grand prize. Payactiv was recognized as a trailblazer in the digital wallet space, delivering outstanding user experience with access to the most comprehensive financial wellness services.
• Competition was based on several criteria including level of innovation and competitive advantage, market needs, impact on customer experience, impact on customer operational efficiency, impact on customer retention, level of scalability across customer base, and future roadmap. The runners-up were VELA, Nexi, Ceridian, and Comviva.

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Quotes

• Thad Peterson, Senior Analyst at Aite-Novarica Group, said: “The combination of providing major benefit for employees at no cost, a powerful employee retention tool, and a financial wellness platform for employees makes Payactiv one of the most exciting new companies in financial services.”
• Payactiv co-founder and CTO Sohail Aslam said: “Payactiv delivers a one-stop solution that combines EWA, a digital wallet, cashless transfer, and a discount marketplace. We are honored to win the grand prize and will continue delivering best-in-class technology.

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The Big Picture

• Payactiv invented EWA, a payment service that enables workers to get paid as they earn. The Payactiv App also includes: integrated bill pay, exclusive marketplace discounts, and a dynamic tool for workforce communication.
• The Payactiv Visa^® Card* meets the highest standards of security and usability with sought-after features like money loads, virtual cards, Tap-to-Pay, compatibility with Apple and Google Wallets, and access to over 37,000 surcharge-free MoneyPass^® ATMs.
• In 2021, Payactiv won two American Business Awards for Company of the Year in Financial Services and Best Corporate Social Responsibility Program, the B Corp Best for the World™ for positive social impact, and was a 2021 Webby Award finalist for the short animated film, “We Heard You” – which is a tribute to the humanity of all workers.

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