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PayKey Launches Earned Wage Access Solution in PH

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What if banks and employers could enable employees to receive their salaries whenever they need them? Now there is a simple way to do it with PayKey's embedded banking solution.

Paykey

Earned Wage Access (EWA), a global trend, allows employees to access their money before payday and release their already earned income with a single click. Although currently visible globally, EWA is a relatively recent concept that originated in the USA.

This solution allows employees instant access to their accrued salaries on any given day of the month, allowing them to pay any immediate expense in seconds. Traditionally, employees are paid twice a month on two different dates, but this approach offers flexibility by allowing employees to manage to take charge of their finances and cater to their wellbeing.

The concept of EWA has been around for a while, Walmart USA opted to adopt this for all employees in 2017 with the help of a fintech company. PayKey, an Israeli fintech business, has developed an end-to-end white-labeled EWA solution that banks can provide their corporate clients so they may offer it to their Filipino workers.

How EWA works
If an employer offers EWA to his employees, their staff can simply go into the app to see how much money they earned to date. Then, they can request an advance on salary via the app.

Since PakyKey’s EWA feature allows them to transfer the funds to their linked bank account immediately, they can expect the money to be credited as soon as the payment has been confirmed.

PayKey works with many of the leading banks worldwide to develop a standalone app. It is now working with some of the top local banks to allow this solution to their cooperate accounts, so expect to see EWA in the Philippines early next year.

Empowering Employees to Take Charge
A recent study published by Visa revealed that 84 percent of the 1,000 surveyed participants “worry about finances while at work,” and 68% indicated that financial worries truly affect their health and productiveness. The same survey indicates that more than 8 out of 10 employees spend time at work thinking about or dealing with finances each week.

Needless to say, the time employees spend on their personal finances takes away from their work productivity and motivation. With EWA, employees are given flexible pay dates, allowing them to take charge of their finances and reduce their worries as they go to work every day.

Helping Improve Employee Retention
EWA trend improves an employer’s reputation as it shows a company’s dedication to supporting the financial wellbeing of their employees, delivering a positive look for present and future workers. This service is typically offered as part of a workplace benefits package for the employee.

Today, PayKey is in advance talks with some leading banks in the Philippines and plans to introduce the first EWA app in the local market in early 2022, proving that the future of how people get paid is already here.

To learn more about PayKey, visit its website at https://paykey.com/.

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