DailyPay removes financial barriers for American workers, encourages every employer to offer similar financial wellness solutions
NEW YORK, January 5, 2022 / PRNewswire / – DailyPay, featured in TIME’s “Best Inventions of 2021”, today announced its one-of-a-kind digital wallet solution. DailyPay’s digital wallet solution is designed for everyday American workers, many of whom face unprecedented financial challenges with the resurgence of the pandemic. The DailyPay wallet solution is the only digital wallet that automatically fills up every working day a user works, reflecting their payroll balance in real time. As long as the user works for a partner company of DailyPay, their available DailyPay balance™ is still growing – effectively eliminating the traditional salary.
With the removal of barriers to their compensation, employees are more likely to avoid payday loans or overdraft fees. DailyPay to research shows that less stressed employees are more engaged and productive on the job, which is essential for the millions of frontline workers who use DailyPay.
“Most digital wallets today are underutilized because they are often empty,” said Jason lee, founder and CEO of DailyPay. “It doesn’t benefit anyone. The DailyPay wallet solution changes that by constantly replenishing the money you earn at your job, in real time. If you work, your DailyPay wallet will never be empty, giving you access to your money when 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 brings fairness to the financial system and uplifts all working Americans. “
The DailyPay wallet solution (formerly known as PayEx® platform) creates a frictionless personal finance experience by connecting to over 6,000 financial institutions supporting any bank account, debit card or prepaid card. In addition, the DailyPay wallet allows you to save your money as you earn it and supports an array of features including bill paying, investing, purchasing goods and services, etc. By providing transparency and access to money as it is earned, DailyPay users have full transparency over their income and more control over their money.
The current financial system is fraught with inefficiencies and friction, causing financial hardship for everyone, including far too many people working full time. Employees earn a salary every day, but had to wait until a scheduled payday to access their own money. Founded in 2016, DailyPay aimed to rewrite the invisible rules of money and built the first technology platform to enable payment on demand.
To learn more about accessing DailyPay’s full suite of solutions, visit https://www.dailypay.com/digital-wallet/. To learn more about how to access DailyPay’s wallet solution for your needs, visit https://www.dailypay.com/demo/.
DailyPay, powered by its cutting edge technology platform, is on a mission to create a new financial system. In partnership with America’s top employers including Dollar Tree, HCA Healthcare and Kroger. DailyPay is the benchmark for on-demand pay. With its massive data network, proprietary funding model, and connections to over 6,000 banking system endpoints, DailyPay ensures that money is always in the right place at the right time for employers, merchants. and financial institutions. DailyPay develops the technology and the mindset to reinvent the way money flows, from the start of work. DailyPay is headquartered at New York City, with operations based on Minneapolis. For more information visit www.dailypay.com/press.
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