Visa has signed an agreement with courier network Postmates to facilitate real-time funds disbursement to their entire fleet via Stripe.
The new Postmates Instant Deposits feature leverages Stripe’s Instant Payouts solution that runs on Visa’s real-time push payments platform Visa Direct.
Postmates Instant Deposits is currently available for more than 200,000 Postmates fleet across the US.
Stripe Instant Payouts will now provide Visa cardholders in the fleet with real-time access to their earnings, instead of the usual waiting period of 4-7 business days to receive payouts.
Visa senior vice-president and head of North America Push Payments Cecilia Frew said: “As we see the on-demand economy gain momentum, Visa Direct’s real-time funds disbursement capability allows funds to be available to individuals in minutes – including nights, weekends, and holidays- providing flexibility and choice for workers to access their earnings.
“Faster access to money matters and Visa Direct is uniquely positioned to help companies like Postmates who have a growing and on-demand workforce.”
Postmates vice-president of product & design James Butts said: “Teaming up with Visa and Stripe to give our more than 200,000 ‘postmates’ what they need, real-time access to their earnings, was an easy decision.
“As the originators of on-demand ‘anything,’ Postmates offers the ultimate in convenience, and with Instant Deposits, we can extend that convenience to our fleet.”