DailyPay, a United States-based worktech company and provider of earned wage access (EWA), is expanding globally. Beginning this Autumn, DailyPay will have an EWA offering available in the United Kingdom, marking the company’s first foray outside the US
At launch, the programme will be offered to DailyPay clients with operations in the UK.
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Josh Durodola, Vice President of International at DailyPay said: “Expanding internationally aligns with our goal to bring earned wage access to everyone, everywhere. Many of our clients and partners are multinational, and they have increasingly expressed the need to offer this valuable benefit to their employees beyond the US. We are thrilled to bring this financial wellness tool to UK workers, empowering them to take control of their earned pay and improve their financial well-being.”
This announcement comes a few days after DailyPay announced a new savings feature for its DailyPay Visa Prepaid Card Initiative, aimed to promote financial wellness and security for users.
DailyPay looks to help UK customers
According to research from the UK’s Money and Pensions Service (MaPS), more than 16 million UK workers have missed payments on key household bills in 2023. DailyPay has been proven to help. A survey of DailyPay users in the US showed that about 7 in 10 (69%) who previously paid late fees do this less often or stopped completely since they started using the service.
Moreover, data from The Great British Financial Literacy Test finds that 88% of UK workers don’t feel confident with their finances and 32% say their finances have affected their mental health. By leveraging DailyPay, users can access their earned pay between paydays, offering much-needed financial flexibility in the UK, where paychecks are often issued monthly.
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By GlobalDataDailyPay currently partners with employers across various industries, including Fortune 500 companies and small businesses. Employers who offer DailyPay see positive impacts on hiring and retention. Users are empowered to take control of their earned pay, enabling them to pay bills on time while avoiding expensive fees associated with overdraft, high-interest credit products, or payday loans.
