NEW YORK, September 21, 2022 /PRNewswire/ — Continuing its mission to create a new financial system that works for everyone, DailyPay announces a new no-fee transfer option (1-3 business days). Millions of American workers nationwide will now have a no-cost transfer option so they can pay bills, spend, save, or invest at their own pace. This announcement comes after the recent introduction of DailyPay Friday by DailyPay™, a general purpose reloadable app and card that allows DailyPay users access to instant EWA for free if they upgrade their direct deposit to Friday.
In partnership with major U.S. employers, DailyPay works with businesses to bring financial tools to their workforce by providing employees, many of whom are often unbanked or underbanked, with access to Pay Balance, payment at demand and a much-needed financial lifeline and cash flow. the solution. This service has provided much-needed financial support to workers during the pandemic and may be particularly relevant in providing financial flexibility to so many struggling with high inflation. In fact, 75% of hourly workers have struggled to pay their expenses this year, according to a recent Harris Poll commissioned by DailyPay and Funding Our Future. DailyPay will be rolling out its new one to three business day fee-free transfer option to its user base over the coming weeks.
“It’s all about choice and access,” said Matthew Koko, Vice President, Public Policy, DailyPay. “Our users now have the option of paying a small ATM-like fee for an immediate transfer or a no-fee option for a transfer within one to three business days. We have also recently rolled out Friday, a new reloadable general purpose (GPR) prepaid card and app, which allow users to instantly receive transfers at no cost. These measures align with our mission to provide millions of Americans with access to their paychecks and the ability to take control of their finances on their own schedule.”
Using on-demand pay can provide workers with a more optimal way to make ends meet. A study by the Aite-Novarica Group commissioned by DailyPay shows that workers who previously depended on payday loans, overdraft fees, borrowing from friends and late fees can save several hundred dollars a year in reduced interest on loans, overdraft fees and late fees when using DailyPay.
The study also reveals that 95% of DailyPay users who previously relied on payday loans either stopped using payday loans or reduced their usage after DailyPay. Additionally, 97% of those who said they had overdrafted their bank account before using DailyPay said they rarely or never incurred overdraft fees (79%) or less overdraft fees (18%) after using DailyPay. Reducing the need to rely on payday loans, payday advances, or personal loans from family and friends allows workers to improve their credit, accumulate savings, and feel more financially capable and independent. New research in 2022 by the Mercator Advisory Group confirmed similar results on the financial well-being of workers.
About Daily Pay
DailyPay, Inc., powered by its cutting-edge technology platform, is on a mission to create a new financial system for everyone. DailyPay offers the industry-leading on-demand payment solution with modern, insight-driven compensation strategies that help leading U.S. employers activate their workforces and build stronger relationships with their employees so that they feel more engaged, work harder and stay longer. With its vast 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 is headquartered in New York Citywith operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.
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