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Visa (V) Teams Up With ADP to Boost Digital Payments for Workers
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Visa Inc. (V - Free Report) recently teamed up with Automatic Data Processing, Inc. (ADP - Free Report) to integrate the real-time push payments platform of Visa named Visa Direct into ADP. Notably, ADP is best known for offering advanced technology based Human Capital Management (HCM) solutions worldwide.
In the days ahead, the integration will be introduced across several use cases. Powered by Visa Direct, the tie-up will empower ADP in offering a digital and low-cost solution to its large and small clients, which will be beneficial for both employers and employees across the United States.
The solution, which is easily implementable, will enable employers to make direct digital payments to their employees through an eligible debit card and consequent to registering to ADP’s Wisely Now Debit program. Meanwhile, employees will be entitled to receive faster and more secured payments taking place between payday such as off-cycle bonuses and reimbursements.
Notably, the latest move seems to be in sync with Visa’s efforts to ease the payment process of employers, thereby, ensuring hassle-free running of the business. With the digital payment option, the move not only relieves employers from printing and sending checks but also eliminates the need for employees to deposit funds into their accounts.
This seems to be a time opportune step as Visa strives to cater to the dire need of a growing on-demand economy. Leveraging Visa Direct, the recent solution seems to bank on the prevailing scenario as it will provide workers with quicker access to on-demand payments leaving sufficient liquidity with them, which can be utilized as and when required. Per a survey conducted last year by HR Dive's Brand Studio in alliance with Visa of more than 300 HR executives from varied industries, high costs have been identified as a hindrance for employers to offer new benefits to their workers. The latest cost-effective solution seems to mitigate the abovementioned problem.
Backed by VisaNet security, Visa Direct has been enabling easy transfer of funds on a real-time basis globally. It has been helping businesses, governments and financial institutions to make faster secured digital payments to customers, employees or contractors thereby eliminating the need to use cash or checks while making payments. With Visa Direct transactions surging nearly 60% in first-quarter fiscal 2021, it holds immense potential as the company makes every effort to introduce new use cases and delve deeper into existing use cases encompassing earned wage access and cross-border remittance.
Visa’s constant tie-ups for extending reach of its Visa Direct are likely to provide a boost to its future growth. The recent tie-up between Visa and MoneyGram International, Inc. in this February is worth mentioning. Through Visa Direct, the latter has enabled its customers to engage in fast and secured money transfers from the United States, the U.K. and 18 European countries to Vietnam.
The global payment provider, PayPal Holdings Inc. (PYPL - Free Report) had also teamed up with Visa last year for leveraging Visa Direct’s real-time payment capabilities. The move was intended to bolster Paypal’s Instant Transfer services to the global markets, thus enabling fast domestic and cross-border digital payments.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
Visa (V) Teams Up With ADP to Boost Digital Payments for Workers
Visa Inc. (V - Free Report) recently teamed up with Automatic Data Processing, Inc. (ADP - Free Report) to integrate the real-time push payments platform of Visa named Visa Direct into ADP. Notably, ADP is best known for offering advanced technology based Human Capital Management (HCM) solutions worldwide.
In the days ahead, the integration will be introduced across several use cases. Powered by Visa Direct, the tie-up will empower ADP in offering a digital and low-cost solution to its large and small clients, which will be beneficial for both employers and employees across the United States.
The solution, which is easily implementable, will enable employers to make direct digital payments to their employees through an eligible debit card and consequent to registering to ADP’s Wisely Now Debit program. Meanwhile, employees will be entitled to receive faster and more secured payments taking place between payday such as off-cycle bonuses and reimbursements.
Notably, the latest move seems to be in sync with Visa’s efforts to ease the payment process of employers, thereby, ensuring hassle-free running of the business. With the digital payment option, the move not only relieves employers from printing and sending checks but also eliminates the need for employees to deposit funds into their accounts.
This seems to be a time opportune step as Visa strives to cater to the dire need of a growing on-demand economy. Leveraging Visa Direct, the recent solution seems to bank on the prevailing scenario as it will provide workers with quicker access to on-demand payments leaving sufficient liquidity with them, which can be utilized as and when required. Per a survey conducted last year by HR Dive's Brand Studio in alliance with Visa of more than 300 HR executives from varied industries, high costs have been identified as a hindrance for employers to offer new benefits to their workers. The latest cost-effective solution seems to mitigate the abovementioned problem.
Shares of this Zacks Rank #3 (Hold) company have gained 2.5% in the past six months compared with the industry’s growth of 2.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Backed by VisaNet security, Visa Direct has been enabling easy transfer of funds on a real-time basis globally. It has been helping businesses, governments and financial institutions to make faster secured digital payments to customers, employees or contractors thereby eliminating the need to use cash or checks while making payments. With Visa Direct transactions surging nearly 60% in first-quarter fiscal 2021, it holds immense potential as the company makes every effort to introduce new use cases and delve deeper into existing use cases encompassing earned wage access and cross-border remittance.
Visa’s constant tie-ups for extending reach of its Visa Direct are likely to provide a boost to its future growth. The recent tie-up between Visa and MoneyGram International, Inc. in this February is worth mentioning. Through Visa Direct, the latter has enabled its customers to engage in fast and secured money transfers from the United States, the U.K. and 18 European countries to Vietnam.
The global payment provider, PayPal Holdings Inc. (PYPL - Free Report) had also teamed up with Visa last year for leveraging Visa Direct’s real-time payment capabilities. The move was intended to bolster Paypal’s Instant Transfer services to the global markets, thus enabling fast domestic and cross-border digital payments.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>