Global Workforce Wallet:
The New Standard for Global Payroll Payments

Yes, your money is secure with Papaya’s workforce wallet. Papaya Global uses client money accounts held at JP Morgan and Citi Bank to ensure the utmost safety and protection of client funds. Client’s money is kept separate and segregated from our operational funds, thus the risk to clients is minimized. This means that even if the company faces financial challenges, client funds remain distinct and inaccessible for meeting the company’s operational expenses or debts. The funds remain yours only. Our top priority is the trust and safety of our clients, and we adhere to best practices and regulations to uphold that commitment.

Papaya’s workforce wallet sets itself apart from other payment providers by addressing the complexities of global payroll payment. While other global payment providers treat global payroll payment like any other remittance, Papaya takes a different approach. With other providers, you face uncertainty regarding when the money will reach your employees’ accounts, inability to mark these payments as salaries, and you being the ultimate debtor. Additionally, these solutions often lack support for authorities and third-party vendors payments.

In contrast, Papaya’s workforce wallet offers a comprehensive solution. Not only does it allow you to overcome these challenges, but it goes even further. We provide notify specifying the exact date by which you should send the payment to ensure it reaches your employees on their payday. Furthermore, our platform allows you to mark the payment as “salary” and clearly indicates that it originates from the employer. Additionally, you can easily distribute any payments related to the salary, including those involving authorities and third-party vendors.

Papaya Global rates are lower compared to other solutions in the market due to several key factors. One significant advantage is our ownership of payments technology and rails, which sets us apart from relying on third-party solutions. By having our own infrastructure, we can streamline processes and significantly reduce fees associated with cross-border payments and currency conversions. This enables us to provide cost-effective solutions while maintaining the highest level of efficiency and reliability.

Papaya Global’s strategic partnership with JP Morgan and Citi Bank brings numerous benefits when it comes to global payroll payments. Firstly, by utilizing these tier 1 banks, we ensure that your payroll wallet funds are securely held and segregated, providing an additional layer of protection for your money. 

Secondly, our dedicated payment rails established through this collaboration enable you to make payments in major locations just like being local and using local currencies. This means faster transactions and lower fees. 

Thirdly, these payment rails are specifically designed for payroll payments. Whether you need to transfer funds to your employees, authorities, or third-party vendors, our platform covers all aspects of payroll disbursement efficiently. 

Lastly, as your funds and payments are managed and processed by tier 1 banks, the entire payment process adheres to stringent security measures, ensuring the highest level of security, just like a traditional bank.

Yes. With Papaya’s workforce wallet, you can pay your payroll employees, EOR and contractors. This includes authorities and 3rd party vendors payments.

Firstly, with Papaya’s workforce wallet, we offer guaranteed payment settlement within 72 hours. This means you can fund your wallet up to three days before the payday, allowing you to extend the cut-off dates for processing payroll. By doing so, you gain more time to handle payroll-related tasks effectively. Additionally, this flexibility enables you to maintain a higher amount of working capital in your account, leading to improved corporate cash flow management. 

Secondly, by being able to fund your workforce wallet as close as possible to the pay day, you eliminate the exposure to foreign exchange (FX) volatility. This advantage sets us apart from other providers who often impose additional costs that can amount to up to 30% due to fluctuations in exchange rates. 

Thirdly, Papaya’s workforce wallet is designed to minimize fees and ensure transparency. Since we own the payment rails, you benefit from lower and easily understandable fees. Moreover, you have the option to fund your wallet in your preferred currency from the 12 currently available options. This feature allows you to avoid unnecessary FX conversion fees and further optimize your payroll expenses.