Now more than ever, freelancers are a driving force in the global economy. Freelancers account for a larger portion of the global employment market than ever before, and according to a recent Mastercard report, “Welcome to the Frictionless Future,” their numbers are expected to grow at an average rate of 13 percent year-on-year to around 915 million by 2023. 

Although the number of freelancers is growing rapidly, the demand for freelancers is growing even faster. As a result, competition among gig platforms for freelancers is heating up. In the coming years, gig platforms will be challenged to attract and retain freelancers, and according to the Mastercard report, projections show that demand will outstrip the supply of freelancers in five years’ time. Very quickly, real-time payouts are becoming much more than a wish -- they’re becoming an expectation, and gig workers are already seeking out platforms or employers that allow them to access their funds on demand. Immediate payment upon completion of work will enable a new generation of workers to build lives based on choice and flexibility.  

At Transpay, we’re driving payments change with Local Bank Transfers. This simple and transparent payments method uniquely enables our clients to meet and exceed the expectations of the global freelancers that work on gig platforms. Local Bank Transfers deliver funds in real time to within 24 hours to your recipients in more than 140 countries worldwide. Funds are sent directly to their bank accounts in the local currency. And, with guaranteed rates, you can tell your recipients the exact payout amount they will receive in their local bank account. 

Global platforms are recognizing the need for both flexibility and stability when it comes to the work lives of the freelancers that are the lifeblood of their business. Local Bank Transfers an ideal method to keep the funds flowing in a frictionless manner across borders, and to provide a payment structure that will enable your platform to be relevant to freelancers both now and in years to come. 

Check out how how a leading global marketplace for services sees rapid adoption of Transpay's Local Bank Transfers, reducing payout complaints.

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