DailyPay, featured in TIME’s “Best Inventions of 2021,” today announced their one-of-a-kind digital wallet solution. DailyPay’s digital wallet solution is designed for everyday working Americans, many of whom are facing unprecedented financial challenges with the resurgence of the pandemic.The DailyPay wallet solution is the only digital wallet that automatically fills itself every day a user works, reflecting their pay balance in real-time. As long as the user works for a company partnering with DailyPay, their usable DailyPay Balance™ is always growing — effectively eliminating the traditional payday.
With the removal of obstacles to their pay, employees are more likely to avoid payday loans or overdraft fees. DailyPay’s research shows 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.
“Most digital wallets today are underutilized because they’re frequently empty,” said 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.” Read more
71-year-old Mary Yuen said she was afraid to walk the streets after a number of vicious anti-Asian attacks in the city. But instead of living in fear, she decided to empower herself and take a free self-defense class on the Lower East Side.
Yuen is one of over 20 seniors learning how to defend themselves, thanks to new weekly classes.
“This is about mental empowerment … these folks have felt trapped in their homes,” Jason Lee said. Jason and his wife, Alicia, saw how dangerous hate was in the city, and wanted to do something about it.
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It’s where we are raising our two beautiful children. It’s where we go to work. It’s where we attend church. It’s where we enjoy many of the City’s amazing cultural institutions and patronize it’s wide variety of restaurants and shops. And of course, it’s where we root for the Yankees.
Like most New Yorkers, we love walking around the city. There’s no better way to experience all the city has to offer and immerse yourself in its diverse culture. It’s amazing how you can sometimes feel like you live in a small town in a city of 8 million.
The streets bind us. They are the lifeblood of a community. Read more
It’s high time to celebrate the American workforce. While there are pockets of differentiation by industries, by and large, the average worker is making well-deserved gains. First, many have survived the existential threat of the pandemic, which unfortunately continues to affect where and how we work. But the American worker remains in the driver’s seat. In early August the government reported payrolls rose at the highest pace in a year. For hourly workers, companies like Kroger and Starbucks are offering signing bonuses and pay raises. Even in the hard-hit hospitality business, wages are up 6.6% over the past two years.
But if you’re an employer, these incentives may not be enough to stay competitive. While workers have a lot to celebrate right now, they’re restless. In fact, while you’re reading this, a new study shows that 65% of employees are looking for a new job.
A growing interest among younger workers to access their pay more quickly could create a $12 billion market for payroll providers and earned-wage upstarts that seek to disrupt the traditional idea of pay periods.
Fintech companies see a big opportunity to speed up access to earned wages, especially for hourly employees with tighter cash-flow needs and a greater proclivity to use costly and predatory options like payday loans to make ends meet. The technology, which can allow workers to receive their wages at the end of a shift, may drive the biggest change to the payroll industry in decades following a long stretch of monthly and then biweekly pay cycles.
Companies providing access to on-demand wages say they’re seeing a surge of corporate interest given the current labor market as businesses in sectors like retail and restaurants struggle to recruit workers. One Missouri Arby’s location lists “DAILY PAY” as the first bullet point in its job posting for a team-member position. DailyPay, a startup recently valued at upwards of $1 billion, says it works with some Arby’s franchises to provide this service.
Jason Lee, DailyPay Founder & CEO joins the Yahoo Finance Live panel with the latest on the on-demand pay platform.
In today’s startup spotlight, we’re taking a look at the intense battle that businesses are currently finding themselves in for talent. As a refresher, right now, we’re sitting on what is a record amount of job openings here in the US. When we look at that, in a very intense battle to fill those openings and entice workers. Employers are not just upping what their employees are paid, but how they are paid with flexible new services.
And one of those services, DailyPay, lets users tap paychecks in real time so they don’t have to wait for payday to roll around. The company just closed a $175 million series D funding round. And for more on that, happy to welcome into our starting spotlight segment here, DailyPay’s founder and CEO Jason Lee joins us right now. And Jason, congrats on the round. Good to be chatting with you here. You work with some big names– McDonald’s, Kroger, and some other ones out there. But what are you seeing in terms of those companies and others trying to use your services to attract new talent?