Visa inks MoU with earned wage access solution provider Paywatch

Visa has signed a memorandum of understanding (MoU) with Malaysian earned wage access solution provider, Paywatch, to promote financial inclusion among Asia’s workforce. With this MoU, Paywatch aims to bridge the gap between traditional banking services and the unbanked populations in Asia, according to a statement. 

These earned wage access solution gives employees greater control over when to access their earned wages, while guarding them against predatory lending practices. 

According to a release to the press, Paywatch plans to extend its reach to more of Asia's workforce and promote financial inclusion by leveraging Visa’s cross-border capabilities, network and financial literacy and digital education content.

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"We're thrilled to work with Visa to reinforce our commitment to financial inclusion across Asia," said Richard Kim, CEO of Paywatch. He went on to add that as Paywatch continues to expand, the MoU with Visa comes at a crucial time because is seeking to explore innovative financial solutions that empower its users. 

Paywatch’s statement said that it is committed to creating a more financially inclusive future for Asia's workforce through innovative financial solutions, financial education, and strategic partnerships. 

Apart from Paywatch, Visa also signed a MoU with foodpanda in late June, to bring innovative payment solutions and cost-savings perks to its consumers and merchants across Asia. With this MOU, foodpanda intends to leverage Visa’s proficiency in its efforts to improve operational procedures such as simplifying payment methods for more seamless payments as well as upgrading online-to-offline payment platforms.

“Our focus has always been on providing value for customers in every way possible. We want to make ordering food and groceries, or even dining out at restaurants, a seamless and convenient experience. Whether they’re spending online or offline, it should be with absolute ease and bring them maximum benefits,” said Luc Andreani, chief operations officer of foodpanda.

“This is the start of an exciting partnership that will continue to evolve and expand regionally in the near future,” Andreani added.

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