Wal-Mart Stores Inc. said Dec. 13 that it has teamed up with financial technology startups Even and PayActiv to provide financial management services to its employees.
The partnership lets Wal-Mart workers use the tools on the Even app to plan ahead for bills and savings goals. It connects to an associate's checking account, prepaid account or Wal-Mart Associate Paycard, and links to the company's payroll system. It automatically subtracts anticipated expenses from a user's anticipated cash inflows, allowing employees to see how much money they can spend.
An "Instapay" feature on the app also allows associates to access their wages ahead of scheduled paychecks up to eight times per year for free. If they need to use it more frequently, Wal-Mart will subsidize additional fees.
The financial management service covers more than 1.4 million employees across Wal-Mart and its Sam's Club and e-commerce divisions.
