In order to provide financial stability to millions of Americans at the hour of the pandemic, fintech firms, either standalone or in partnership, are introducing products to attract employees with earned wages access products. For instance,
Importantly, a survey which was conducted by ZayZoon revealed that the ZayZoon solution helps reduce the financial stress by helping in accessing the already earned but unpaid wages. This new product helps in providing employees, particularly the unbanked customers, a means to access their wages in real-time at zero cost. Notably, through this digital wallet, the partnership intends to democratize employees' financial wellness across the United States by enabling around 14 million underbanked workers an option to access their wages.
The company conducted a survey which pointed out that less stressed employees are more productive at work. Thus, the removal of payday provides removal of unnecessary loans, boosting better productivity at work critical to the frontline workers who use the platform. Most importantly, this wallet has been designed to provide relief to the financial challenges faced with the onset of the pandemic.
Notably, this wallet is created by the fintech by connecting 6,000 financial institutions which can support bank accounts, debit card, or prepaid card. Together with the unique feature, the DailyPay wallet also allows the user other facilities such as bill payment, investment features, buying products, etc.
The innovative approach taken by fintech will help the employees to abolish financial obstacles, even for full-time workers. Thus, the employees earn each day and should not be waiting for the traditional payday. This would provide better transparency, and the user can have better control over their finances.
Moreover, the company provides users 'on-demand' pay on the basis of the on-demand pay technology platform, Pay Balance, which is the digital representation of the funds the users have earned. This allows the user to achieve financial stability. This fintech currently serves millions of employees and has also extended partnerships with Fortune 200 companies offering on-demand pay solutions. Especially, the companies which partnered with DailyPay have been able to fill seats faster than those that don't offer their service.
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