Earnings on Demand company Hastee has today launched its first contacltess debit card powered by Visa.
The Hastee Card is designed to reduce financial stress by enabling users to access and spend their accrued earnings in real-time, as they earn them.
James Herbert, founder and CEO of Hastee, said: “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to help support workers and employers in the UK, and we’re excited to be spearheading a solution that revolutionises an outdated process and brings greater financial wellbeing to those who need it the most.”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 announcement comes as research has shown that a lack of access to financial liquidity leads to stress and poor financial decisions.
In 2019, Hastee’s Workplace Wellbeing Study showed that up to 74% of the 2,000 employees surveyed across the UK had suffered personal finance-related stress.
Herbert added: “Now more than ever, workers in every sector need fast and flexible access to the money they earn. 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.”
Using the card
The card uses Buffer technology from end-to-end banking and payments solution provider Contis.
Through the technology, Hastee can assess a user’s accrued earnings from their employer when they use the card to make a payment. Provided the user has sufficient earnings available, Hastee will immediately deliver the spending power needed to complete the transaction.
According to Hastee, the company’s mission is to provide workers with the financial freedom they need to meet current challenges. It also hopes to help build a more productive UK economy.
Hastee is currently available at zero cost to employers. Furthermore, the card is in its final trial phase and is fully compliant with the FCA and the initial roll out will commence later this summer.
Hastee first launched an Earnings on Demand Solution via its app in August 2017, allowing workers to withdraw up to 50% of their daily salary to their nominated bank account.