On-demand work has created new financial opportunities, benefitting both individuals and local economies. In just two short years, the industry is expected to become a $455 billion market as freelancers and independent contractors reap the benefits of a flexible schedule and remote work.
However, getting paid in a timely manner is still a challenge for freelance workers. Legacy payment systems are not adept to meet the demands of our modern and on-demand world, leaving workers unpaid for several days before receiving a paycheck.
UK-based payments company, Paydek turned to Ripple to help solve these problems faced by their customers – who are website designers, independent contractors and payroll companies – to deliver reliable, real-time cross-border payments into new markets through RippleNet.
Paydek initially leveraged RippleNet to connect into Africa, a quickly growing hub for on-demand work, and has since expanded into Latin America in partnership with Localpayment.
“At Paydek, our goal is to deliver the most efficient and cost-effective payment products and methods to our customers. Our two new connections with Ripple in Africa and Latin America marks another milestone in building additional local payment rails and the payment technology infrastructure for our clients and partners. The ability to provide fast payment delivery and a broad array of payment options is vital to our clients’ financial stability. With the addition of Localpayment’s expertise and support, Paydek is better positioned to offer an enhanced service to our clientele with local bank transfers into the Latin America market, where we are seeing significant growth for our customers,” said Terry Hopkinson, Managing Director, Paydek.
“Expanding RippleNet to better serve Paydek’s customers is a testament to the power of blockchain technology to significantly transform global payments,’” said Sendi Young, Managing Director of RippleNet Europe. “Through Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital remittances, in regions where faster payments are crucial to people’s livelihoods.”
Paydek provides a variety of cost-effective payment options, so its customers can choose what works best for them including prepaid cards, debit cards, dedicated IBAN accounts, bank account payments, OCT transfers, and wire transfers. As adoption of digital technology continues to soar in emerging markets and becomes the preferred option to support payments, those championing speed, security and choice in payments will be the providers of choice for on-demand workers.
Paydek supports nine local currencies in Africa including XOF, XAF, SLL, KES, RWF, TZS, GHS, UGX and ZAR. In partnership with Localpayment In Latin America, it will support MXN, ARS, CLP and UYU.
RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments. If you are a financial institution interested in joining the network, get in touch with us today.