PayTech Awards 2024 Finalist: DailyPay
DailyPay has been selected as a finalist in the Top Innovation in Payments category.
DailyPay
In 2023, DailyPay moved over $19 billion on its platform, clearly demonstrating that its earned wage access solution is an essential benefit for the American worker. In fact, DailyPay disbursements were the No. 2 use case on The Clearing House’s RTP® network in 2023 (only behind digital wallet disbursements).
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 helps America's largest companies improve the financial equity of their workforce by offering on-demand pay to their employees.
DailyPay partners with over 1,000 of the world’s leading employers from Target to Hilton to McDonalds, providing their millions of employees with the transformational financial wellness benefit of earned wage access.
With DailyPay, workers are now empowered with choice and control over their earned pay. The DailyPay work tech platform provides an advanced, accurate, and frictionless pay experience that can be adopted with ease and integrated seamlessly into any organization’s tech stack.
DailyPay enables money to move from employer to employee in a fast, safe, and reliable way which is critical in helping workers pay bills.
With DailyPay, employees can tap into their earned pay immediately as they earn it, empowering them to pay their bills on time and meet emergency or unexpected expenses, without having to pay late fees, overdraft fees, or resort to predatory payday loans that can charge a borrower up to 400% interest.
Today, employers should be fully embracing ways to bring out the best in their employees to make it easier to be great at their jobs. Emerging worktech tools such as earned wage access empower employees to be their best at both work and home.
With earned wage access, for example, about 7 of 10 DailyPay users who previously paid late fees do this less often or stopped completely. This enables them to avoid expensive options such as payday loans to make ends meet. Employees are better connected with their managers, more in control of their schedules, and have control over when they feel financially secure. They are more easily able to plan work around life and life around work and stay ahead of bills that used to pile up and cause stress.