Revolut is Launching an Earned Wage Access Product, Payday, to Help Employees Access Wages Early and Improve their Financial Wellbeing.
- Employees can track and instantly access their earned wages at anytime in the month
- Removes the financial stress many workers face between monthly paydays, improves financial wellbeing, and avoids reliance on high-cost credit products such as payday loans
- Payday will initially be available to UK businesses and their employees, with the EEA and US to follow
Revolut is building the world’s first truly global financial superapp to help people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, 16 million customers around the world use dozens of Revolut’s innovative products to make more than 150 million transactions a month.
Across our personal and business accounts, we help customers improve their financial health, give them more control, and connect people seamlessly across the world.
Revolut, the global financial super app with over 16 million global customers, is launching Payday, its new earned wage access product that gives employees the power to instantly access a portion of their salary as they earn it. Payday is easy to use, cost-free for employers, and gives employees more control and flexibility over their finances.
As part of the initial launch, Revolut is partnering with UK employers to let employees withdraw a percentage of their income in the month for a small, flat fee. Revolut’s platform and app will plug into an employer’s payroll system, allowing employees to draw down part of their wages earlier in the month.
Customers will be able to view their available accrued earnings and select the amount they want to withdraw directly into their main account, helping employees to instantly access their salaries earlier in the month to cover expenses or necessary costs, and avoid getting into debt.
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Payday has no impact on an employee’s credit score and will provide customers with a lower cost alternative to credit cards or payday loans that they might rely on to help with their cash flow problems. Payday provides a seamless experience between salary advance and a host of other innovative financial products, all within Revolut’s financial super app.
As well as being attractive to prospective employees, Payday is cost-free and simple to integrate for businesses. Cashflow isn’t affected by the move, as employers will continue to pay employees salaries at the end of each month. Additional benefits for businesses include increased employee satisfaction, improved employee financial wellbeing and financial resilience and decreased employee turnover.
Nik Storonsky, Founder and CEO at Revolut, said:
“We believe in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees’ mental health. After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress. It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.”
Revolut plans to roll out Payday across the EEA and US in the coming months. Businesses and employees can get in touch via [email protected] or visit this link www.revolut.com/payday.