Worktech company and provider of earned wage access, DailyPay, is rebranding its Friday by DailyPay Visa Prepaid Card, launching the DailyPay Visa Prepaid Card.
The rebranded card adds additional capabilities to DailyPay’s existing suite of money movement services to help meet the needs of employees.
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The DailyPay Visa Prepaid Card will remain a general purpose reloadable (GPR) card. The app enables users to transfer a portion of their earned wages to the card in real time. Specifically, it carries no fee if the user has updated their direct deposit to the card.
According to DailyPay, the card was designed with flexibility in mind, offering the benefits of an account without hidden fees, a minimum balance requirement or maintenance fees.
The card also provides an additional option to DailyPay’s existing capability of disbursing funds in real time directly to the user’s bank accounts via a debit card.
Plus, the DailyPay Card and DailyPay’s earned wages access features can be managed in the same app, allowing users to track earning and spending all in one place, daily.
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By GlobalDataMerchant-funded discounts feature
Later this year, the DailyPay Visa Prepaid Card will feature card-linked offers that will allow users to browse an in-app marketplace of merchant-funded discounts and accrue cash back after an eligible purchase is made. This will give users an avenue for saving costs on their needed purchases, enabling their money to go further between paychecks.
“The additional features to the new and improved DailyPay Visa Prepaid Card speak to our ongoing commitment to creating meaningful and relevant products to help users on their path to financial security,” said Jack Rubin, SVP of Consumer Financial Solutions at DailyPay.
DailyPay says that about 7 in 10 (69%) of its users who previously paid late fees do this less often or stopped completely since they started using DailyPay. In addition, 62% of users who previously incurred credit card interest charges do this less often or stopped completely since they started using DailyPay.
