Clair partners with Mastercard to launch new financial product that helps hard-to-reach hourly workers avoid payday loans
Clair, a social impact embedded fintech startup transforming how hourly employees get paid, today announced a partnership with Mastercard to provide financial wellness for America’s 82 million non-exempt workers, building on the two companies’ shared mission to foster a more inclusive digital economy.
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Hourly workers can use the Clair Debit Mastercard to access their free daily wage advances (Graphic: Business Wire)
Starting immediately, users who sign up for Clair will receive the Clair Debit Mastercard, which hourly workers can use to access their free daily wage advances. These advances, which have no interest payments or other fees, are based on the hours they’ve worked each day. Instead of waiting two weeks for their paycheck or falling back on high-interest payday loans, workers can immediately use their Clair Debit Mastercard to pay for gas, groceries, or bills. They can also shop wherever Mastercard debit is accepted via Tap & Go® contactless payments and make no-fee cash withdrawals at more than 55,000+ ATMs worldwide.
The partnership with Mastercard allows Clair to provide wage advances free of charge to both employers and employees. Unlike having traditional bank accounts, prepaid cards, or payroll cards, Clair users will never have to pay membership or inactivity charges, giving them absolute transparency and control over their finances.
Clair’s rapidly expanding integration network is connected to over 1 million hourly employees using multiple payroll and human capital management platforms. Leveraging Mastercard technology, Clair plans to continue developing new financial products for the hard-to-reach hourly worker community.
"We’re pleased to see Clair through this next phase of growth with this new offering and look forward to our continued partnership to meet the needs of the hourly worker segment through flexible and innovative payments technology," said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
"Hourly workers are the backbone of our economy –– they shouldn’t have to wait two weeks to get paid, or face eye-watering fees to get advances or loans," said Nico Simko, CEO and Co-Founder of Clair. "By partnering with Mastercard, who shares our mission to make financial products accessible, we’re working to transform the financial wellbeing of America’s 82 million hourly workers and giving them the tools they need to build brighter futures."
Clair is a New York-based fintech startup that provides instant pay access as a service for human capital management platforms and the gig economy. With Clair, employees and contractors can get a portion of their earned wages as soon as they finish work. For more information, visit getclair.com.
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