DailyPay has elevated its payment offering with the launch of its digital wallet solution in the US.
The offering is aiming to boost the financial stability of Americans, many of whom are facing unprecedented financial challenges with the resurgence of the pandemic.
In seeking to boost the analysis of payments for users, the digital wallet automatically fills itself every day a user works, reflecting their pay balance in real-time.
“Most digital wallets today are underutilised because they’re frequently empty,” commented Jason Lee, DailyPay Founder and CEO. “That doesn’t benefit anyone. The DailyPay wallet solution changes this by constantly refilling with the money you earn at your job, in real time.
“If you are working, your DailyPay wallet will never be empty, giving you access to your money whenever you need it. By providing instant access to earned money and eliminating the need for payday loans, or the risk of late fees or overdrafts, DailyPay is bringing equity to the financial system and uplifting all working Americans.”
With the removal of obstacles to their pay, employees are more likely to avoid payday loans or overdraft fees. The firm also underlined that in its research it discovered that employees who are less stressed are more engaged and productive at work, which is critical for the millions of frontline workers who use DailyPay.
By providing transparency around, and access to, money as it’s earned, DailyPay users have total transparency into their earnings and more control over their money.
Furthermore, it comes as the current financial system is fraught with inefficiencies and friction, causing financial pain for everyone, including far too many who work full-time.
Employees earn wages each day, but have had to wait for a scheduled payday to access their own money. Founded in 2016, DailyPay aimed to re-write the invisible rules of money and built the first technology platform to enable on-demand pay.