NEW YORK, Sept. 21, 2022 /PRNewswire/ — Furthering its mission to create a new financial system that works for everyone, DailyPay is announcing a new, no fee transfer option (1-3 business days). Millions of working Americans nationwide will now have a no fee transfer option so they can pay bills, spend, save, or invest on their own schedule. This announcement comes after DailyPay recently introduced Friday by DailyPay™, an app and general purpose reloadable card that allows DailyPay users to access instant EWA for no fee if they update their direct deposit to Friday.
Partnering with America’s leading employers, DailyPay works with companies to offer financial tools to their workforce by providing employees, many of whom are often unbanked or underbanked, with access to Pay Balance, on-demand pay and a much-needed financial lifeline and cash flow solution. This service provided much-needed financial support to workers during the pandemic and can be especially relevant in providing financial flexibility with so many struggling financially with high inflation. In fact, 75% of hourly workers have struggled to pay expenses this year, according to a recent Harris Poll commissioned by DailyPay and Funding Our Future. DailyPay will roll out its new no-fee one to three business day transfer option to its user base throughout the coming weeks.
“It’s all about choice and access,” said Matthew Kopko, 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 in one to three business days. We also recently rolled out Friday, a new general purpose reloadable (GPR) prepaid card and app, which gives people the ability to receive no-fee transfers instantly. These moves align with our mission to provide millions of Americans access to their pay and the ability to take control over their finances on their own schedule.”
Utilizing 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 previously reliant on payday loans, overdraft fees, borrowing from friends and late fees can save several hundred dollars a year in reduced interest on loans, overdraft charges, and late fees when using DailyPay.
The study also reveals that 95% of DailyPay users who were previously reliant on payday loans either stopped using payday loans or reduced use after DailyPay. In addition, 97% of those who said they had overdrawn their bank account prior to using DailyPay reported rarely or never incurring overdraft fees (79%) or fewer instances of overdraft fees (18%) after using DailyPay. Reducing the need to rely on payday loans, pay advances or personal loans from family and friends, enables working people to improve their credit, build savings and feel more financially capable and independent. New research in 2022 by the Mercator Advisory Group confirmed similar results on worker financial wellbeing.
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for everyone. DailyPay delivers the industry’s leading on-demand pay solution with modern, insight-driven pay strategies that help America’s leading employers to activate their workforce and build stronger relationships with their employees so they feel more engaged, work harder, and stay longer. Through its massive data network, proprietary funding model and connections into over 6,000 endpoints in the banking system, DailyPay works to ensure that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is headquartered in New York City, with operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.