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.