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Crowd payment innovations: Expanding possibilities on future of work

What does it take to be an active collaborator and part of the new global workforce? You are working or freelancing on tasks rather than jobs, on what matters to you, seeking challenges, potentially working on an innovative solution for the next global challenge with a non-profit. You work location-independent while trying to maintain a work-life balance and your paycheck may not be a “check” after all. There could be many versions of the new “uncollared worker”, but all of them rely on effective ways to get paid and reimbursed for their work.

The on-demand service economy is making it easy to hire specialized talent and get hired, leveling the playing field, removing lengthy recruitment processes all while relying on by social trust and online reputation. Traditional definitions of work are blurring and the old systems supporting hiring, recruitment, salary, insurance and more are becoming increasingly irrelevant. Businesses are truly entering the digital economy not just by digitizing their processes but also by really turning their design upside down.

Disconnect between global workforce and outdated payments

The future of work is creating the need for support services that make it easy for anyone to realize the real potential of the on demand and crowd economy and innovations in financial tech are creating solid opportunities for the next billion ready to connect to the Internet. Moreover the mindset on financial pathways are changing. About 70% of us think that in the next 5 years, the way we pay for things will be totally different. Nearly half are counting on tech start-ups to overhaul the way banks work and 33% believe they won't need a bank at all.  

But innovative payments companies are stepping on to the scene to meet the needs of the new workforce. And on the flipside, innovation in finance and payments are broadening the scope of work.

Payments for collaborative work: reimagining possibilities

New York-based cross-border payments company Transpay’s new platform helps businesses large or small avoid inconvenient procedures and move money globally to freelancers, suppliers and more. Nagarajan Rao, Senior Vice President of Transpay, says that this new service delivers “functionality” without costly IT integration, available to larger companies.

Transpay ensures that money reaches recipient’s bank account within minutes and is available in more than 100 countries across Latin America, Europe, Asia and Africa. Transpay also allows for cash to be picked up at one of their agent locations in more than 60 countries. Their network’s reach into rural areas and the vast in-person payout options are crucial in emerging markets, where bank deposits are not widely used.

Disruption to watch out for:

Mobbr is another unique payment system that helps businesses to take the collaborative approach of working and organizing. Payouts for collaborative work can be complicated, but with Mobbr, organizations can  pay out 'social salary' to a number of people working on a project.

Disruption to watch out for:

Whether you are a part of the uncollared workforce or a part of an organization that recruits crowd labor, take a hard look at new payment systems that are simple and provide value to all stakeholders. Also look at the other part of the equation - how do we harness these new methods to create business value. – Rappler.com

Priti will be bringing the best content on digital collaboration for corporations, government, social enterprises and start-ups to Crowdsourcing Week Global 2015 in Singapore, April 20-24. Rappler is a media partner.

("Internet commerce illustration" courtesy Shutterstock)