PayTech Awards 2023 FINALIST: DailyPay
DailyPay has been selected as a finalist in the Top Innovation in Payments category for their project Friday in the PayTech Awards 2023.
In an effort to provide financial equity to the millions of Americans who are unbanked or underbanked, DailyPay has created Friday, a new general purpose reloadable (GPR) prepaid card and app that makes financial transparency and control available to millions of hard-working Americans. Friday offers the benefits of banking with no minimum balance requirement and no maintenance fees. With Friday, the card users have no-fee instant access to their earned wages that empowers them with financial control and allows them to avoid having to use expensive alternatives.
At DailyPay, we are flipping the financial system by building financial technology that starts working the minute work starts. We recognize the shortage of support and resources many employers and employees encounter, especially during uncertain economic times relating to high inflation and on the heels of the Covid-19 pandemic. The financial system we have today is replete with inefficiencies that arise from these invisible rules of money movement that result in all stakeholders losing out. We started by focusing on pay, though we’re just getting started.
“Friday” was created and designed for a wide range of people- including those that want the financial control provided by no-fee instant transfers so they can make different financial decisions that empower them to avoid paying late fees (like monthly maintenance fees or inactivity fees) at their bank or having to use expensive payday loans. It’s also great for those that don’t currently have a bank account because they don’t want/ or are unable to pay the fees that some banks are notoriously known to have.
‘Friday’ combines the power of industry-leading on-demand pay technology with the flexibility of a Visa card that has no hidden fees, no monthly fees, or minimum balance requirements. It empowers employees with more control, using reliable capabilities, over their financial situation that other financial products can’t provide.
Friday is uniquely suited to provide a critical financial service to working Americans, many living paycheck-paycheck. Offered by forward-leaning companies looking to implement equitable pay strategies, ‘Friday’ enhances those strategies in three key ways.
First, it provides employees with no-fee instant access to their earned wages which empowers them with financial control and allows them to avoid expensive alternatives.Second, it enables employers to make earned wage access more accessible to a broader range of their employees with the ability to support employees who are unbanked and/or that don’t currently have a traditional banking relationship.Finally, it’s a portable, general reloadable prepaid card that can be funded from any source that is owned and managed by employees so they can take it with them for enhanced continuity and control of their finances.
Ultimately, Friday provides employers with a way to extend the advantages of DailyPay to more employees and enhance their ability to make different financial decisions that lead to improved financial wellness - for example, the ability to see earnings and spending in one place helps them plan, budget and better handle those unexpected financial disruptions that tend to happen at the worst possible times.
Diversity, equity, and inclusion are at the forefront of many business leaders’ minds as they strive to create work environments where everyone feels welcome. However, financial equity is an aspect often overlooked. Financial equity and inclusion mean ensuring individuals have equal access to professional opportunities, financial systems, products and services, and ultimately, wealth. DailyPay’s Friday card helps America’s largest companies to improve the financial equity of their workforce by offering free on-demand pay to their employees. With on-demand pay, employers provide a much-needed lifeline and cash flow to their employees, who are often unbanked or underbanked.
Using DailyPay’s ‘Friday’ card can help employees save money in reduced fees from loans, overdraft fees, and late fees.
Leveraging products such as Friday, Aite-Novarica Group’s research shows that 95 percent of those who were previously reliant on payday loans in any way either stopped using payday loans or reduced use after using DailyPay. In addition, 97 percent of those who said they had overdrawn their bank account before using DailyPay now rarely or never incur overdraft fees after using DailyPay.
This helps users improve their credit, build savings, and feel more financially capable and independent by reducing the need to rely on payday loans, pay advances, or personal loans from family and friends. The mission-driven innovation DailyPay created is an integral part of how we improve people’s lives every day.