NEW YORK, September 21, 2022 /PRNewswire/ — Furthering its mission to create a new financial system that works for everyone, DailyPay announces a new transfer option with no fee (1-3 business days). Millions of working Americans across the country will now have a free 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™, a general purpose reloadable card and app that allows DailyPay users to access instant EWA at no charge if they upgrade their direct deposit to Friday.
Partnering with America’s top employers, DailyPay works with businesses to offer financial tools to their workforce by giving employees, many of whom are often unbanked or underbanked, access to pay balance, pay on demand, and a much needed cash flow and financial lifeline. solution. This service provided much-needed financial support to workers during the pandemic and can be especially relevant in providing financial flexibility to so many struggling financially with high inflation. In fact, 75% of hourly workers have struggled to pay expenses this year, according to a recent study. harris survey commissioned by DailyPay and Funding Our Future. DailyPay will roll out its new transfer option free of charge in one to three business days to its user base in the coming weeks.
“It’s about choice and access,” he 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 implemented Friday, a new General Purpose Reloadable (GPR) prepaid card and app, giving people the ability to receive fee-free transfers instantly. These moves align with our mission to give millions of Americans access to their paychecks and the ability to take control of their finances on their own schedule.”
Using pay-on-demand can provide workers with a more optimal way to make ends meet. A to study by The Aite-Novarica Group commissioned by DailyPay shows that workers who previously relied on payday loans, overdraft fees, loans from friends and late fees can save several hundred dollars a year in reduced interest on loans, fees for overdraft and late fees when using DailyPay.
the to study It also reveals that 95% of DailyPay users who previously relied on payday loans stopped using payday loans or reduced their use after DailyPay. Additionally, 97% of those who said they had overdrawn their bank account before 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, payday advances, or personal loans from family and friends allows working people to improve their credit, build savings, and feel more capable and financially independent. New investigation in 2022 by the Mercator Advisory Group confirmed similar results in the financial well-being of workers.
DailyPay, Inc., powered by its industry-leading technology platform, is on a mission to build a new financial system for all. DailyPay offers the industry-leading pay-on-demand solution with modern, insight-driven payment strategies that help America’s top employers 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 to over 6,000 endpoints in the banking system, DailyPay works to ensure money is always in the right place at the right time for employers, merchants, and financial institutions. . DailyPay is based in New Yorkwith operations based on Minneapolis Y Belfast. For more information visit www.dailypay.com/press.
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