On-demand work has created new financial opportunities that benefit both individuals and the local economy. The industry is expected to become a $ 455 billion market in just two short years as freelancers and independent contractors reap the benefits of a flexible schedule and remote working.
However, getting paid on time is still a challenge for freelancers. Legacy payment systems are unable to meet the demands of our modern on-demand world, leaving workers unpaid for several days before receiving a paycheck.
UK-based payment company Paydek turned to Ripple to solve these problems faced by its customers – website designers, independent contractors and payroll companies – to deliver reliable, real-time cross-border payments to new markets via RippleNet.
Paydek initially used RippleNet to connect to Africa, a rapidly growing hub for on-demand work, and has since expanded into Latin America in partnership with Localpayment.
“Our goal at Paydek is to offer our customers the most efficient and cost-effective payment products and methods. Our two new connections with Ripple in Africa and Latin America mark another milestone in the development of additional local payment channels and the payment technology infrastructure for our customers and partners. The ability to provide fast payment delivery and a wide range of payment options is critical to the financial stability of our customers. With Localpayment’s expertise and support, Paydek will be better positioned to provide our customers with improved local wire transfer service in the Latin American market, where we see significant growth for our customers, ”said Terry Hopkinson, Managing Director, Paydek .
“The expansion of RippleNet to better serve Paydek’s customers is testament to the power of blockchain technology to significantly transform global payments,” said Sendi Young, Managing Director of RippleNet Europe. “With Paydek, Ripple is strengthening its presence in Africa and Latin America to drive innovation in digital transfers, in regions where faster payments are critical to people’s livelihoods.”
Paydek offers a variety of affordable 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 the adoption of digital technologies in emerging markets continues and becomes the preferred option to support payments, those who advocate speed, security, and payment options will be the preferred providers 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 in a global network accelerate their business performance and scale. It offers a superior end customer experience, simplified network partnerships, liquidity management solutions, credit lines and a state-of-the-art infrastructure to enable real-time payments. If you are a financial institution interested in joining the network, contact us today.