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ADP Announces Acquisition of Global Cash Card, Strengthening Payroll Offering with Enhanced Digital Accounts and Financial Planning Tools

ADP Announces Acquisition of Global Cash Card, Strengthening Payroll Offering with Enhanced Digital Accounts and Financial Planning Tools

ADP has been helping organizations build better workforces for more than 65 years, the foundation of which is ensuring that employees are paid seamlessly and conveniently. Today, ADP is strengthening and expanding its employee payroll offer by acquiring Global Cash Card, a leader in digital payments, including paycards and other electronic accounts. We are excited to welcome our new Global Cash Card colleagues to the ADP family! The digital payment space is an exciting one for the future of payroll. Paycards are the fastest growing method of payment in recent years, with the estimated value of Form 1099 transactions now ranging between $700 billion and $1.1 trillion. The gig economy has also driven the demand for these accounts, which can let independent contractors bring their various wages and expenses into a single account, providing the best picture of their financial well-being. From the employer’s perspective, digital payments can be a less expensive, more immediate, and more secure option than paper checks. And there is room for growth, as 73...

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