Earnings on demand company Hastee has announced the launch of a new contactless debit card, powered by Visa that will enable users to access and spend their accrued earnings in real-time.
Hastee said its customers will be able to tap into the benefits anywhere in the world. The new offering is made on top of the app launched in 2017.
The company gives employers with a solution to give workers the ability to withdraw up to 50% of their daily salary to their nominated bank account, on the day they earn it.
“Now more than ever, workers in every sector need fast and flexible access to the money they earn,” said James Herbert, founder and CEO at Hastee. “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to help support workers and employers in the UK, and we’re excited to be spearheading a solution that revolutionises an outdated process and brings greater financial wellbeing to those who need it the most.”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.
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.
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