US-based mobile-centric payment technology firm Branch has launched a new debit card for hourly workers in order to boost their financial wellbeing.
The company has launched the card in partnership with Mastercard and Evolve Bank & Trust, which offers specialised services in payment processing.
By offering the new debit card along with an account, Branch has become the first company to offer pay-cheque advances instant without any additional cost.
The new offering comes with a free, digital current account to give cardholders access to their wages instantly and free of cost before their pay-cheque.
Additionally, the cardholders can deposit and withdraw their funds without paying any fees or maintaining a minimum balance.
Branch CEO Atif Siddiqi said: “We’ve seen that once an hourly employee joins the workforce, their employer is their first entry into the financial system.
“Most traditional financial services actually make it more challenging for hourly workers to balance their finances, whether it’s expensive overdraft fees or minimum balance requirements.
“Given their income volatility and limited access to the support they need, we want to provide hourly workers a strong start on their financial journey and offer services that help them improve their financial wellness and save.”
Leveraging its enterprise services, the employers can save up to $2-$4 per cheque, claims Branch.
Evolve president and CEO Scott Stafford said: “Evolve recognises the void Branch is filling by offering this new debit card. We continue to sponsor partners who are leading the way in developing much needed financial services and making them available to underserved segments of the workforce.”
Users can sign up for the debit card after downloading the company’s mobile app which is available on both iOS and Android play store.