Payroll giant ADP LLC launched its Wisely Pay service Monday, which combines digital accounts and a Visa-branded chip card as ways to pay individuals and for them to access these funds.
Wisely Pay is the first product resulting from Roseland, N.J.-based ADP’s October 2017 acquisition of Global Cash Card, a digital-payments company. As part of the deal, ADP gained access to Global Cash Card’s proprietary digital-payments processing platform.
Among Wisely Pay’s features is the ability to make payroll and freelancer payments and provide users various ways, such as peer-to-peer transfers, instant pay, and digital wallets like Apple Pay, Google Pay, and Samsung Pay, to use their funds.
ADP says offering these payments options is essential because more individuals have different expectations about how they want to be paid. In a survey the company commissioned, 47% of those born between the mid-1990s and the mid-2000s, known as Generation Z, and 31% of Millennials would turn down a job if they were unable to choose their method of pay.
“Wisely Pay is leading the way people get paid in the future as a true bank alternative, with innovative services like instant pay, savings, digital wallet, and other financial-management and wellness features that are better aligned with the evolving workforce,” Doug Politi, ADP president of compliance solutions, said in a press release.
Wisely Pay is available in all U.S. states. The Wisely payment card will first be available to U.S. employers that select to offer sponsored accounts for employees in September 2018.