The Bank for International Settlements (BIS) published a paper examining how fast, affordable and interoperable payment systems could reduce costs and delays for gig workers, including those working across borders. Faster infrastructure alone may not ensure prompt payouts, however, because platforms can still withhold worker earnings to earn returns on idle funds.
Authorities could require prompt payouts, including daily payments for activities that provide workers’ main livelihood. Payment networks connecting banks, mobile money providers and fintechs could expand access while avoiding reliance on closed networks. Platforms should pass negotiated payment fee reductions to workers and clearly explain payout options, charges and dispute procedures. Financial education should also address the irrevocability of fast payments and the risks of fraud and scams.
For international gig work, linking domestic fast payment systems could enable transfers around the clock with fewer intermediaries, lower costs and faster settlement. The paper warns that inadequate links could encourage greater use of cryptocurrencies and stablecoins. These expose workers to risks including limited recourse for mistaken or fraudulent transfers, concerns about stablecoin backing and the absence of deposit insurance. Widespread use of stablecoins denominated in USD could also threaten monetary sovereignty and financial stability.