All Sessions | Innovation in Payments


4:10 - 4:40 Safwan ShahThea Garon


Financial Innovations in the Gig Economy


Safwan Shah
Founder and CEO, PayActiv, Inc.

Thea Garon
Manager, Center For Financial Services Innovation (CFSI)


Session Description

There are estimates that freelancers now make up 34 percent of the American workforce, a number that is rising daily with the growth of gig economy companies like Uber and AirBnB. These workers aren’t getting monthly or biweekly paychecks, for the most part. Innovative payment companies have stepped in to facilitate daily or weekly paychecks, typically bypassing the traditional checking account. This session will look at  innovative debit and prepaid accounts that allow Uber, Lyft and other gig-economy (and other) workers to get paid more frequently, and the implications these accounts have for traditional bank relationships.



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