I am starting to think that “gig economy” has now replaced “blockchain” as a favorite utterance in payment and fintech circles. It is a fast moving industry where we find more platforms emerging that look to connect workers with employers.
A frequent use case for recently launched real time payments in the U.S. is to pay gig workers immediately. Adding to that, Wirecard and Xolo have announced a partnered to supply gig and freelance workers with a banking solution to meet this population’s unique needs. It helps these workers not only with accounts and payments, but also with concerns like taxes and services to incorporate.
Xolo offers users a holistic business platform that provides incorporation, taxation, banking and accounting services, enabling them to set up and operate a hassle-free virtual business from anywhere in the world. Leveraging on Wirecard’s banking license, Xolo users can virtually open a business bank account within 48 hours, receive a Wirecard-issued debit card, and be able to effectively manage their banking, tax and compliance activity via a unified Xolo operation center.
Allan Martinson, CEO at Xolo, said, “This new partnership marks a significant step for Xolo as we strive to establish a new virtual nation for freelancers and solopreneurs. With the addition of Wirecard’s pioneering digital banking solution, we will continue to build out our vision for enabling millions of micro-businesses to get to market quicker and without the bureaucracy.”
