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Global Payments in the Gig Economy: Capitalizing on a Booming Industry

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The gig economy has grown exponentially
over the past decade. With flexible work hours and independence, it is no
question why freelance work is becoming more attractive to many. According to a
2017 BLS survey, 36 percent of the workforce relied on gig work for some
portion of their income in the United States. This number is expected to grow
to 43 percent by the end of 2020.

Technology
has made it easier for workers to find gigs and employers to find workers.
Technology also removed geographical barriers fueling the need for global
payment solutions. Globally, the gig economy now “represents $2.7
trillion
in annual
disbursements”.

However, with rapid growth
comes challenges for businesses looking to pay gig workers, especially when
their workers are across borders. With the gig economy expected to grow by 17.4% through 2023, businesses need to adapt to meet the
payment demands of gig workers to remain competitive. So how can businesses
adjust their operations and strategies in order to meet these changing customer
expectations?

Economic and Regulatory Considerations

Thanks to the emergence of online digital platforms, it has
become easier than ever to connect workers to employers. With shifting demographics
and ages of workers, industries are being forced to adapt to the changing
workforce and even more so, provide cross border payments to international
freelance workers. Although the North American payments industry has been
traditionally slow to react to market shifts, growing demand is putting
pressure on government and businesses alike to meet customer demands. Now,
questions are being raised surrounding worker rights, benefits, payments and
labor issues.

Some government bodies are taking note on how to best
support, identify and manage gig workers, many of whom are utilizing freelance
work as full-time income. Recently, states such as California, implement law AB
5 to protect workers and deliver them proper worker incentives. It is no
question that this growing section of workers are gaining the attention of law
makers to ensure they are fairly paid.

Aside from the impact of new industry regulations, economic
instability and market uncertainty is weighing on businesses who rely on
freelancers globally. 85 percent of gig employees, whose
primary source of income is gig work, worry about the impact of an economic
recession. Thus, the need for gig companies to look at a seamless payment
experience for gig workers.

Payment Methods

Gig workers want to be paid immediately
after they complete their gigs. More and more we are seeing freelance workers
demanding immediate access to their financial information in addition to
on-time payments. So how can businesses meet the demands of their global
independent workforce? Partnering with payment providers who understand the
needs of gig companies and gig workers and can offer customized methods of
payment based on the regional preference of the gig worker is a must.

For example, unbanked gig
workers prefer e-wallets and card payouts. Amazon sellers prefer account
numbers and IBANs in their names to receive payouts in various currencies.
Vacation property owners prefer payment by wires. Some temporary works prefer
cash in some parts of the world. Others prefer to receive payment by bitcoin or
Ethereum. Having key payment partners who can offer businesses the ability to
pay their independent workforce in their preferred method and on-demand will ensure
businesses stay ahead of the curve in a very competitive gig economy.

Finding the right payments
partner can feel like a monumental task where there’s always a catch. Choosing
the right partners will also help ensure your gig workers remain loyal to your
platform and are ultimately satisfied with your service offerings.

ROI

Global payment processing can
reduce profit margins if businesses don’t do their due diligence when selecting
a payments partner that best suits their needs. Large banks such as Chase and JP Morgan are built on
top of legacy platforms, which themselves were built on legacy platform and can
hold payment restrictions. The systems can’t talk to each other. Banks don’t
have the technology to service. Therefore, it’s crucial for large FIs to
partner, fund, and acquire Fintech companies built on technology from the
ground up to service customers.

Companies such as Upwork, Lyft
or AirBNB that primarily rely on gig workers to keep their businesses growing
might be best served by working with a payments partners that make sense from a
business operational standpoint. Top things to consider in finding the right
partner include the types of services offered such as their expertise in
addressing challenges of meeting local payment dynamics, payout options and
currencies, global access, compliance, licensing, convenience, and most
importantly customer service.

Each organization has different needs and desires. In the
end it’s simple, gig workers want control over how, when and where they get
paid. Gig companies need to realize that the right payments provider will need
to understand these key considerations and pain points for workers in order to
meet the demands of this growing industry. More and more businesses need to
ensure their customers are satisfied and they are staying relevant among
growing industry competition by providing gig workers what they need – efficient
and accurate payments.

About
Bob Dowd

Bob
Dowd is the CEO of moneycorp North America and is a
35+
year veteran of the foreign exchange and payments industry as well as a
certified treasury professional (CTP). His extensive industry experience
includes 25 years with Travelex Global Business Payments, where he was a member
of the North American Executive Board, 6 years with Cambridge Global Payments
where he was Managing Director and 3 years with Currency Exchange International
and its wholly-owned Canadian subsidiary Exchange Bank of Canada as Senior Vice
President, North America.

Bob joined moneycorp in April 2019 where he
oversees the overall business in the United States. His focus is on the
development of strategic plans, business development, marketing, platform and
application innovation, providing clients and its partners integrated, foreign
exchange services for both the US while exploring opportunities for expansion
in the Canadian market.

Summary

Global Payments in the Gig Economy: Capitalizing on a Booming Industry

Article Name

Global Payments in the Gig Economy: Capitalizing on a Booming Industry

Description

According to a 2017 BLS survey, 36 percent of the workforce relied on gig work for some portion of their income in the United States. This number is expected to grow to 43 percent by the end of 2020.

Author

Bob Dowd

Publisher Name

PaymentsJournal

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Companies

GiG to power Hungary’s Casino Win online launch

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Gaming Innovation Group (GiG) has agreed a long-term contract with Hungarian land-based casino operator Casino Win to power the launch of its digital offering in the country.

Under the agreement, GIG will provide its platform, frontend development and managed services to Casino Win, which recently secured a licence to extend its offering to online.

Online licences in Hungary are only available to land-based operators that have a physical location in the country. Two of Hungary’s four operators are currently active online, with Casino Win set to launch its offering in the first half of 2021.

The deal with GiG is based on a combination of fixed fees and a revenue share structure, and, as such, GiG said it expects the partnership to make a positive contribution to revenue during the second half of next year.

“We are pleased to have GiG supporting our digital transformation and online player acquisition strategy as we expand into the regulated Hungarian online market,” Casino Win’s managing director Zsolt Kruppa said.

“We believe that by joining our efforts we can transfer the feel and look of our casino’s into an online offering that both caters for our current players as well as attracts new ones.”

GiG’s chief executive Richard Brown added: “Casino Win has a proven track record of success and have some of the market-leading land-based operations.

“We believe that this, in conjunction with GiG’s tailored online offering will lead to further success for the companies, while providing Casino Win’s customer base a seamless, high quality retail and digital experience.”

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Google Fiber gears up for a trial run of its 2-Gig tier

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While it may not exactly be “Déjà vu all over again”—to partially quote Yogi Berra—Google Fiber is gearing up for a 2 Gbps offering

In a Monday blog post, Google Fiber said it was teeing-up the new “2-Gig” tier for a trial run with select subscribers in Nashville, Tennessee and Huntsville, Alabama next month as part of its Trusted Tester program.

In 2010, Google shook up the telecommunications industry when it first announced its plan to deploy a fiber-to-the-home (FTTH) internet service with speeds of up to a 1 gigabit per second, which was 100 times faster than the average speeds of that era.

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While at the time cable operators and other service providers downplayed the need for 1-gigabit services, Google Fiber jumpstarted a rush to deploy the faster speed to residential and business customers. Today, 1G speeds are a almost table stakes across Verizon, Comcast, Charter Communications and AT&T, and other ISPs.

RELATED: CableLabs sticks a fork into DOCSIS 4.0 specification

At last year’s Consumer Electronics Show in Las Vegas, cable operators outlined their vision for delivering 10-gigabit data speeds, which includes the cable industry’s DOCSIS 4.0 specifications. DOCSIS 4.0 was designed to hit downstream speeds of up to 10 Gbps, which is twice the download speed of DOCSIS 3.1, and an upstream of up to 6 Gbps (quadruple the DOCSIS 3.1 upstream speed.)

 Google Fiber’s 2-Gig service costs $100 per month, which is $30 more than its 1-Gig service. It comes with a new Wi-Fi router and Wi-Fi mesh extender.

Google Fiber’s Amalia O’Sullivan, director of product management, said in Monday’s blog that the 2-Gig service will also be trialed in other Google Fiber cities late this fall. The 2-G service will also take a trial run Google Fiber Webpass, which is available in nine U.S. cities.

“This year has made this need for more speed and bandwidth especially acute, as many of us are now living our entire lives — from work to school to play — within our homes, creating unprecedented demand for internet capacity,” O’Sullivan said in her blog. “Google Fiber networks are designed so there’s plenty of capacity to allow our customers, with the right in-home hardware, to reach 2 Gig (and even faster) speeds. Our approach to network design allows us to keep our customers connected to the fastest speeds available.”

After the 2-Gig service passes muster with Google’s voluntary testers, it will be rolled across Google Fiber’s Nashville and Huntsville networks later this year, with plans to launch the service across most of the Google Fiber and Google Fiber Webpass cities early next year.

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GiG signs with Casino Win in Hungary

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GiG signs with Casino Win in Hungary


18 September 2020




(PRESS RELEASE) — Gaming Innovation Group Inc. has today signed a long term contract with Casino Win, one of Hungary’s leading land-based casino operators, for the provision of GiG’s platform, front-end development and managed services to launch their digital operation in the regulated Hungarian market.

Casino Win has been present in the Hungarian gambling market since 2016, and has always prioritized their players to ensure that they receive the highest possible levels of service, coupled with the latest gambling equipment and technology to provide the best gaming experience there is. To complement their successful land-based operations, Casino Win is now taking their operation to the next level by entering the online space.

Online licenses in Hungary are only available to land-based operators who have physical locations within the country. At present there are only four operators in Hungary of which two are already online, with Casino Win becoming the third in H1 2021. Casino Win own three casinos in leading locations across Hungary and offer an extensive selection of slots games as well as roulette, blackjack and poker.

The agreement is based on a combination of fixed fees and revenue share structure. The casino offering is expected to go live in H1 2021, and this partnership is expected to make a positive contribution to GiG’s revenues from the second half of 2021. The term of the contract is for an initial three year period.

Mr. Zsolt Kruppa Managing Director of Casino Win says: “Gaming Innovation Group is known in the iGaming industry as a reliable and trustful company with a history of success working with land-based operators like ourselves. We are pleased to have them supporting our digital transformation and online player acquisition strategy as we expand into the regulated Hungarian online market. We believe that by joining our efforts we can transfer the feel and look of our casino’s into an online offering that both caters for our current players as well as attracts new ones. We are looking forward to a long lasting and mutually beneficial partnership.”

Richard Brown, Chief Executive Officer of GiG says, “We are very pleased to move into the regulated Hungarian market supporting Casino Wins expansion into online. They have a proven track record of success and have some of the market-leading land-based operations. We believe that this, in conjunction with GiG’s tailored online offering will lead to further success for the companies, while providing Casino Win’s customer base a seamless, high quality retail and digital experience.”

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