DailyPay launches digital wallet
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 is working for a company in partnership with DailyPay, their usable DailyPay balance is constantly increasing, eliminating the traditional payday.
With the removal of barriers to their compensation, employees are more likely to avoid payday loans or overdraft fees. DailyPay research shows less stressed employees are more engaged and productive on the job, which is essential for the millions of frontline workers who use DailyPay.
“Most of today’s digital wallets are underused 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 filling up with the money you earn at work, in real time. If you work, your DailyPay wallet will never be empty, giving you access to your money. anytime 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 elevates it all. American workers.
The DailyPay wallet solution (formerly known as the 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.