DailyPay, featured in TIME's "Best Inventions of 2021," today announced their one-of-a-kind digital wallet solution. DailyPay's digital wallet solution is designed for everyday working Americans, many of whom are facing unprecedented financial challenges with the resurgence of the pandemic.
The DailyPay wallet solution is the only digital wallet that automatically fills itself every day a user works, reflecting their pay balance in real-time. As long as the user works for a company partnering with DailyPay, their usable DailyPay Balance™ is always growing -- effectively eliminating the traditional payday.
With the removal of obstacles to their pay, employees are more likely to avoid payday loans or overdraft fees. DailyPay's research shows that employees who are less stressed are more engaged and productive at work, which is critical for the millions of frontline workers who use DailyPay.
"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. By providing instant access to earned money and eliminating the need for payday loans, or the risk of late fees or overdrafts, DailyPay is bringing equity to the financial system and uplifting all working Americans."
The DailyPay wallet solution (formerly called the PayEx® platform) creates a frictionless personal finance experience by connecting to over 6,000 financial institutions supporting any bank account, debit card or prepaid card. In addition, the DailyPay wallet allows you to save your money as you earn it and supports an array of capabilities including bill pay, investing, buying goods and services, and more. By providing transparency around, and access to, money as it's earned, DailyPay users have total transparency into their earnings and more control over their money.
The current financial system is fraught with inefficiencies and friction, causing financial pain for everyone, including far too many who work full-time. Employees earn wages each day, but have had to wait for a scheduled payday to access their own money. Founded in 2016, DailyPay aimed to re-write the invisible rules of money and built the first technology platform to enable on-demand pay.