MORE than half a million delivery couriers and private hire drivers in the UK could get instant access to their salaries amidst the cost of living crisis.
A new partnership between gig economy data experts Unveel and London-based earned wage access provider Elva.app will allow drivers and couriers to no longer have to wait for their pay day.
Instead they will be able to get immediate access, day or night, to earnings between pay cycles.
On average, a full-time driver travels 190 miles a day and currently needs to invest their own money to buy petrol, finish a job and then wait for the payment cycle to be complete to receive their salary.
Max Moscicki, Vice President of Unveel.io, said:
“We believe ride-hailing drivers and delivery couriers should be able to access their earned wages after each shift, rather than have to wait for their pay day. The intersection between earned wage access providers and Unveel.io is an exciting place to be. Together we are shaping the future of financial services as we know it. Our research shows that gig workers simply want to go to one financial app, click one button and enjoy the fruits of their hard work immediately. With the current cost of living crisis, it’s never been more important.”
Ride-hailing drivers and delivery couriers in the UK earn more than £19billion a year collectively, according to Unveel.io.
Patrick Leahy, founder of Elva.app, said:
“Earned wage access is a very important tool for gig workers. Most people earn a set amount of money each month and know when they get paid. This makes it easier for them to budget and it is only their spending side that fluctuates. For gig workers both their income and expenditure fluctuates. Earned wage access is crucial in providing a balance. On top of that, users of Elva.app will be able to access in one place a range of services including access to Credit Unions, financial education, benefits checkers, debt counseling and budgeting tools. Our financial services range from articles and short clips that are free through to coaching and mentoring services. Gig workers will have a chance to discover their own money personalities and how they behave towards their finances. This is key to helping people then act in a positive manner to address their financial wellbeing. Fees for using the Elva.app will depend on the service being used."