BENTONVILLE, Ark.--(BUSINESS WIRE)--Walmart today announced a suite of new financial wellness services for more than 1.4 million associates nationwide. The new offering was created in collaboration with Silicon Valley-based financial technology startups Even and PayActiv. Associates will access the tools through the Even app, available for both iOS and Android devices.
The joint solution allows Walmart associates to automatically plan ahead for bills and savings goals, eliminating the work of figuring out how much money is okay to spend. When unexpected expenses occur, associates can access earned wages ahead of scheduled paychecks using an “Instapay” feature, providing greater flexibility and helping them avoid overdrafts, high-fee funding or credit options.
“Money management is something people across every income level struggle with, in large part because they don’t have access to good tools,” said Jon Schlossberg, CEO of Even. “In real life, if you want to get ahead, you’ve got to make a financial plan, and also have a way to fix the plan when it breaks. Even offers tools for both, together in one app. Working with Walmart and PayActiv gives us the opportunity to put these powerful, easy-to-use financial management tools in the hands of millions of hardworking Americans."
Walmart will cover the entire cost of Even’s automated financial management tool for both hourly and salaried associates, and will ensure associates can use Instapay up to eight times per year for free. Should associates need to use Instapay more frequently, Walmart will subsidize the additional Even subscription required to do so. The financial management and Instapay features will be available to all Walmart, Sam’s Club and Walmart eCommerce associates.
“Traditional approaches to workforce well-being often focus solely on physical health, but we know from listening to our associates that financial well-being is just as important,” said Jacqui Canney, Walmart’s chief people officer. “We’re investing to give our people financial tools that help provide more stability in their lives, which we believe will empower them to be all they can be when they are at work serving our customers.”
The Even app securely connects to an associate’s checking account, prepaid account or Walmart Associate Paycard, and links to Walmart's payroll systems. It automatically subtracts anticipated expenses from a user’s anticipated cash inflows, allowing associates to see exactly how much money they’re okay to spend.
“Every American worker faces unexpected and stressful between-paychecks expenses,” said Safwan Shah, founder and CEO of PayActiv. “With on-demand access to earned wages, Walmart associates will be able to save more, avoid the financial traps that reduce their take-home pay, and get a level of stability that few service sector employers provide.”
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. The company’s legal name will become Walmart Inc., effective on Feb. 1, 2018, to reflect its growing status as an omni-channel retailer. Each week, over 260 million customers and members visit our more than 11,600 stores under nearly 60 banners in 28 countries and eCommerce websites. With fiscal year 2017 revenue of $485.9 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.
About Even
Even is the first financial health platform to combine automatic financial planning with the ability to predict and safely solve cash flow problems. Even’s proprietary neural network technology understands and adapts to a user’s financial life, allowing the app to eliminate 90% of the work required to use traditional budgeting tools. The company was founded by former Instagram and Google engineers, and is headquartered in Oakland, California. Additional information at www.even.com.
About PayActiv
PayActiv is an award-winning holistic financial wellness platform for employees to get on-demand access to earned but unpaid wages. Businesses that partner with PayActiv see significant cost reductions through increased engagement and retention. Employees love PayActiv because it eliminates the between-paycheck financing fees of payday loans, bank overdrafts and title loans. PayActiv also offers a suite of services that include better banking products, savings and budgeting tools, bill payment and financial health measurement. PayActiv is backed by SoftBank Capital and won best in class awards in both FinTech and HRTech categories in 2016. Visit www.payactiv.com to learn more.