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gig economy

How is the gig economy changing banking?

It’s no secret that Covid-19 has accelerated change in the way we work and do business.

As millions of people around the world are left unemployed,  new work opportunities are being explored, such as contract work and freelancing (AKA gig work) – especially in highly specialised fields

Back in 2018, it was estimated that about 150 million people in North America and Western Europe worked as independent contractors or freelancers but since the pandemic, according to an article by What to Become, more organisations are replacing their full-time employees with non-permanent workers and freelancing is becoming increasingly more popular.

According to Mastercard/Kaiser Assoc. the global Gig Economy is expected to be worth $347.8 million US dollars in 2021 and show a steady year on year growth.

This flood of new workers in the gig sector, despite the strains of diminished work opportunities, has, in turn, brought scrutiny to bear on the issues around worker’s rights and social guarantees rights that independent workers deal with

One of these issues is that with the changing work environment and structures, traditional financial institutions haven’t been able to adapt fast enough to clients’ needs. 

From obtaining a line of credit to making sure payments are handled on a timely basis, especially when it comes to cross-border payments for remote workers, traditional banking has failed to provide adequate financial services for gig workers. 

That’s why many gig platform employers have introduced their own financial services options for their workers and some financial institutions have stepped up to fill the gap in the market. 

That’s where PayPugs comes in. 

For many individuals and businesses, paying various accounts and making international payments can be a nightmare of delays, hidden costs, complicated exchange rates and payment detail requirements. 

PayPugs is a single-access, certified, simplified, global financial solution that provides companies and gig workers with a platform where they’re able to pay and get paid instantly regardless of location and currency. 

Through the use of the latest blockchain technology and years’ worth of fintech and banking experience, PayPugs offers its clients a fully-licensed, secure solution to all their payment problems. 

As a PayPugs client (whether as a business or individual) you have access to limitless global SWIFT payments, IBAN details for lightning speed EU transactions, the best forex exchange rates between dollars, euros and pounds, the ability to create a multi-currency payment account, and they can even issue you with VISA or Maestro cards. 

To top it all, you work directly with an account manager that will create a customized package based on your business or personal requirements.  

No gnashing your teeth for a week hoping for a return message or response about your payment; your account manager is always just one call or text message away.   

They even provide payment acceptance and settlements for high-risk companies in the Asian region. All of which are not offered by your traditional bank.  

PayPugs also knows you are used to looking for each service you need individually from other service providers- often with a premium fee– and isn’t it time to stop that madness?. 

Because, as PayPugs states on their website: “Whether you are a freelancer, a small store or a multinational company, everyone deserves a hassle-free, low-cost way to move money around. It’s simple, it’s PayPugs.”

Join the collaboration platform designed with collaborators, freelancers, start-ups, organisers, project managers and business owners in mind.