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Data for today’s episode is provided by Mercator Advisory Group’s viewpoint – Payments for Work in the U.S. Gig Economy.
Estimates of the gig economy’s size vary, three points are consistent:
- The U.S. gig economy consists of tens of millions of workers and continues to grow
- Most people who perform gig work do so as a supplement to more traditional work
- Although digital platforms that connect workers and employers are effective, they’re a small part of the market
- McKinsey Global Institute estimates 27% of U.S. workers (42 million) participate in gig work
- Upwork estimates that 57 million US workers participate in the gig economy
- The Gallop organization estimates that 56 million individuals fit the freelance description
- The U.S. census estimates that 26 million workers are part of the gig economy
About the Viewpoint
The gig economy encompasses a growing percentage of the U.S. population and shows no sign of retreating.
From the casual “side hustle” to freelance work that represents a worker’s sole source of income, the gig economy is presenting some interesting challenges and opportunities for banking and payment providers.
