Juan Benitez General Manager Of Braintree Talks About The Future Of PayPal-Owned Hyperwallet
Back on Tuesday June the 19th, PayPal decided to buy Hyperwallet for over $400 million dollars. This situation will allow the company to have an increased influence in all facets of online retailing. According to Juan Benitez, General Manager of the PayPal-owned Braintree, the company wants to add end-to-end payments strength that promises to develop in ways not yet considered.
Back in March, Hyperwallet decided to sign a deal with Lyric Financial with the intention to enable fast and efficient royalty payment advances to record artists that work on the TuneCore platform. This may have sound like a small partnership, but it solves an important complaint from the artistic industry and workers that drive the music industry.
Moreover, it also represents an important step for the gig and freelance work. According to the PYMNTS Gig Economy Index, 40% of the American workforce has 40% of its income via gig work. Indeed, the development of gig work became a topic of discussion during an interview with Hyperwallet CEO Brent Warrington.
About it he commented:
“Today, it’s supplemental income, but I think we’ll see more and more individuals relying on gig opportunities as their primary income. People can earn their necessary household income exclusively through a sort of independent economy.”
Currently, a company that works around the world needs to contract different payroll providers for employees depending on where they are and handle specific currencies. According to Warrington, individuals receive payments of irregular amounts and different currencies every week.
This is why payment service providers need to work in order to earn the trust and loyalty of gig and freelance workers. Hyperwallet has made it easier to send local low-cost bank transfers in dozens of countries including Brazil, Russia and Indonesia.
Benitez believes that Hyperwallet will help PayPal to provide better payment services. Moreover, the company will gain more versatility and improve its capabilities.
Additionally, Benitez explains that the acquisition will end up in better marketplace services and features which will allow consumers and suppliers be happy.
“Brent and I are working on looking at how to use that Hyperwallet toolbox in different merchant segments, putting money into people’s accounts as they want to.”