On-demand payments startup DailyPay is launching a digital wallet solution to make it easier for people to get paid in real-time every time they work as long as the user works for a company partnering with DailyPay.
The only digital wallet that refills every day a user works, the DailyPay wallet shows real-time pay balances. The company is always growing its company partnership network, which could mean the elimination of the regular payday as people know it, according to a press release on Wednesday (Jan. 5).
See also: How DailyPay Works To Address On-Demand Payroll Expectations
“Most digital wallets today are underutilized because they’re frequently empty,” said Jason Lee, DailyPay founder and CEO. “That doesn’t benefit anyone. The DailyPay wallet solution changes this by constantly refilling with the money you earn at your job, in real-time. If you are working, your DailyPay wallet will never be empty, giving you access to your money whenever you need it.”
Lee added that offering workers a way to instantly get to their earned money could totally get rid of the need for payday loans, while helping people avoid late fees and overdraft expenses. He said the company is striving to deliver “equity to the financial system and uplifting all working Americans.”
Read more: On-Demand Wages Firm DailyPay Nabs $500 Million In Funds, Credit
Previously called PayEx, the DailyPay wallet connects to over 6,000 financial institutions supporting any bank account, debit card or prepaid card. It supports a variety of capabilities such as bill pay, investing, buying goods and services and more. DailyPay users get transparency as far as their earnings and get more control over their money.
The company points to the current financial system as being inefficient. Although people earn wages daily, they have no access to their own money until a scheduled payday.
Founded in 2016 and headquartered in New York with operations in Minneapolis, DailyPay is looking to “re-write the invisible rules of money” by developing the first technology platform that powers on-demand pay.
DailyPay partners with some of the biggest brands, such as Dollar Tree, HCA Healthcare, and Kroger. The company’s extensive data network and proprietary funding model offer connections to 6,000-plus endpoints in the banking system.
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