Papaya Global Launches First Global Direct Deposit: Workforce Wallet

Published 7 months ago

Papaya Global has launched Workforce Wallet, a significant addition to its unified Payroll & Payments platform. This innovative solution is designed specifically for workforce payments and allows direct deposit in 12 currencies, facilitating payments in over 160 countries, primarily on the same-day basis.

Redefining Workforce Payments

Workforce Wallet addresses numerous challenges in the payroll and payments sector. It allows direct deposit, safeguards clients’ funds from potential risks, ensures transparency, eliminates the need for multiple bank accounts, and optimizes foreign exchange management.

The Workforce Wallet is regulated by Papaya Global’s global money transfer licenses and supported by J.P. Morgan infrastructure. This level of control and security sets it apart as the only audited and regulated solution for global workforce payments.

Faster and Secure Payments

The Workforce Wallet facilitates the global payroll payment process 80% faster, and offers 95% same-day worker payments with global payroll payment rails. Payment bounces are less than 0.1%, and payments are guaranteed to arrive between 15 seconds and 72 hours. Clients benefit from a 2-day KYC process and a 3-day pre-payment period.

A Year of Regulated Workforce Payments

This launch marks a year since Papaya Global became a regulated workforce payments solution. The company has witnessed remarkable growth in the past year, with an 850% increase in its Total Payroll Under Management and a 200% increase in contracted revenues. Papaya Global added 450 new logos to its client base, 40% of which are publicly traded companies.

Global Reach and Compliance

Papaya Global’s infrastructure allows for sending funds to over 160 countries and paying workers in any currency. Moreover, the company has shown a commitment to compliance, with a less than 1% rate of customers’ employee legal termination disputes.

About Papaya Global

Founded in 2016, Papaya Global is a fintech company that consolidates workforce management tools, enabling enterprises to navigate the complexities of global workforce management. Papaya Global has raised over $450M and partners with companies like JP Morgan, Oracle, NetSuite, and others. It has been recognized by TIME100’s Most Influential Companies and serves customers like SentinelOne, Wix, Toyota, Microsoft, and Cyberark in 160 countries worldwide.