PayPal has announced a collaboration with UKG, a prominent provider of HR and payroll solutions. The ability to establish PayPal Direct Deposit is available to US employees whose pay is processed through UKG Pro. This integration enables employees to establish a PayPal Balance account and set up direct deposit through their employer's payroll portal without the need to manually input routing or account numbers. Employees also have the option to deposit a portion or the entirety of their paycheck into their PayPal Balance account, allowing for the potential availability of payroll funds up to two days prior to the scheduled deadline. This initiative aims to enhance financial management for employees by providing quicker access to their earnings.
Additionally, employees who set up PayPal Direct Deposit can benefit from PayPal’s suite of financial products and services. These include the PayPal Debit Mastercard, which offers cashback on eligible purchases, and the ability to send money to friends and family. Users can also earn rewards in the PayPal app and transfer funds into PayPal Savings, a high-yield account provided by Synchrony Bank with a current 4.30% APY. This collaboration reflects the growing trend of digital wallet usage, with 64% of US consumers reportedly using digital wallets, and aims to provide a seamless and efficient payroll experience for employees.
