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Earned wages access providers are expanding their product offering to tap the growing demand of unbanked Americans

Earned wages access providers are expanding their product offering to tap the growing demand of unbanked Americans

Earned wages access providers are expanding their product offering to tap the growing demand of unbanked Americans

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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, 

  • In April 2022, EML Payments Limited, an innovative payment solutions platform, with EML FINLABS' partner Interchecks, entered into strategic collaboration with, ZayZoon, an on-demand earned wages access platform, to provide employees with the flexibility with their earned wages. Through the launch of a prepaid card program, this partnership will enable the employees to access the earned wages without waiting for the traditional paycheck.
  • ZayZoon Visa prepaid card program provides employees to sign-up for a Visa prepaid card through the ZayZoon app and receives a virtual card in seconds to access their earned wages in immediately. With the help of the ZayZoon Visa prepaid, the employee can check account balances, spend alerts, transactions, locking/unlock a card, and many more.

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.

  • Similarly, in January 2022, United States-based fintech DailyPay introduced its digital wallet DailyPay. The company has launched its unique wallet for the working professionals in the country. The uniqueness of the wallet is it gets filled with each passing day of the user's work. 
  • Unlike any other wallet, the DailyPay wallet shows its pay balance in real-time. Particularly, the wallet of the user will never be empty if the user's employer company is partnering with DailyPay. Thus, there will be no particular payday for the user. Therefore, the DailyPay Balance can be utilized by the user as needed. 

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.

To know more and gain a deeper understanding of the prepaid card market in the United States, click here.

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