Rapyd transforms global payments for the growing gig economy

The rise of the gig economy has led to a radical transformation in the workforce structure, empowering millions of workers to leverage their skills remotely. This global phenomenon presents unique challenges, particularly concerning gig-economy global payments. With traditional payment methods proving inadequate, organizations are grappling with efficient ways to increase worker adoption and loyalty using payments.

The gig economy is experiencing unstoppable momentum and is predicted to double in size to $873 billion by 2028. Amidst such unprecedented growth, these are the 2023 emerging gig-economy trends we anticipate from gig platforms as they strive to attract and retain a growing pool of workers.

Gig-Economy Trend Predictions for 2023

  1. Remote Gig Opportunities Will Continue to Grow
  2. Gig Platforms Will Become More Specialized
  3. The Gig Economy Will Disrupt More Traditional Industries

How to Pay Your Global Workforce

As gig-economy companies scale, efficient and flexible payment methods for gig workers have emerged as critical elements of this new workforce paradigm. Today the top ways to pay gig workers include:

Bank Transfers

The traditional method of bank transfers remains a widely used option for paying gig workers. In a bank transfer, the employer sends the payment directly from their bank account to the gig worker’s bank account. This reliable method can be time-consuming and involves processing fees, especially for international transfers. Additionally, it requires both parties to have a bank account, which may not always be the case with all gig workers, particularly in underbanked regions.

Direct Bank Payouts

Direct bank payouts, also known as direct deposits, are another method for disbursing payments to gig workers. This method transfers funds directly to the worker’s bank account, typically offering quicker processing times than traditional bank transfers. However, like bank transfers, this method also requires the worker to have a bank account and can incur fees, especially for international transactions.

Virtual Accounts 

Virtual Accounts can be generated for each gig worker, functioning as a proxy for the worker’s bank account. This approach allows businesses to make domestic payments in a foreign country without needing a local bank account, thus significantly reducing processing times and international transaction fees. Gig workers receive payments in their preferred currency, enhancing their experience and satisfaction. The built-in FX and conversion capabilities, enable businesses to manage foreign exchange risks and optimize their currency management. With Virtual Accounts, gig economy payments become more efficient, more cost-effective, and more worker-friendly.

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Rapyd Revolutionizes Gig-Economy Global Payments

With our comprehensive cross-border payment solutions, Rapyd stands at the forefront of the gig-economy global payments revolution. Our global payments network spans over 190 countries, Rapyd empowers businesses to simplify their global payments, ensuring prompt and secure payments to their international workforce.

The extensive reach of Rapyd’s global payment network is a revolution for businesses within the gig economy. By facilitating local payment methods Rapyd allows businesses to better meet their gig workers’ preferences, driving satisfaction and productivity. Retaining workers is the biggest challenge gig businesses face and prompt payments in worker’s preferred payment methods make for happier employees. 

What sets Rapyd apart is the comprehensive capabilities it offers for gig-economy platforms. More than just payments, Rapyd offers an end-to-end solution. From embedded payments, to payouts and card issuing and compliance, Rapyd takes the weight off businesses’ shoulders, letting them focus on their core functions.

Rapyd Changes The Way Workforces Are Paid

Successful partnerships with clients such as Kadmos demonstrate Rapyd’s effectiveness. Kadmos, an end-to-end salary payments platform for shipping companies and seafarers uses Rapyd to power secure payments to employees across the globe. Rapyd helped Kadmos more than double the number of countries where they send payouts. Thanks to Rapyd, Kadmos can pay out in over 900 locally preferred methods.

Another successful example is Lano, a platform specializing in the management of remote teams. With Rapyd, Lano is able to simplify the process of paying remote workers worldwide. Lano can offer a more comprehensive range of payment methods to their global workforce, from bank transfers to ewallets, better meeting the diverse payment preferences of their workers. Rapyd also streamlined Lano’s compliance process ensuring Lano could grow internationally without worrying about varying compliance issues across different regions. Rapyd has helped Lano accelerate its global expansion, improving payment efficiency and enhancing worker satisfaction. 

When It Comes To Paying Gig Workers, One Size Does Not Fit All

In a global gig economy that’s growing at an exponential pace, having a flexible and effective payment system is a necessity. Gig workers are scattered across the globe, each with their unique preferences for receiving payments, necessitating an adaptable payment network. What works in one region might not even be possible in another.

This is where an integrated global payments platform like Rapyd comes into play. Rapyd enables businesses to manage their gig-economy payments effortlessly, bridging the financial gap, and offering a range of payment methods.

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Move into new and hard-to-reach markets and pay workers worldwide in local currencies with payments, payouts, and foreign exchange on one platform.

Learn how Rapyd can help you save millions on transaction and FX fees while spending 70% less time managing payments.

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