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
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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.