Revolut is launching an earned wage access product, Payday, to help employees access wages early and improve their financial well-being.
- Employees can instantly track and access their earned wages at any time of the month
- Delete it financial stress many workers face between monthly paydays, improve their financial well-being, and avoid resorting to high cost credit products such as payday loans
- Payday will initially be available for UK businesses and their employees, with the EEA and US to follow.
Revolut creates the world’s first truly global financial superapplication to help people get the most from their money. In 2015, Revolut was launched in the UK and offers money transfer and exchange services. Today, 16 million customers worldwide use dozens of innovative Revolut products to complete more than 150 million transactions per month.
On our personal and business accounts, we help clients improve their financial health, give them more control, and seamlessly connect people across the world.
Revolut, the global financial super app with more than 16 million customers worldwide, launches Payday, its new earned income access product that gives employees the power to instantly access a portion of their salary as it goes. as they earn it. Payday is easy to use, 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 allow employees to withdraw a percentage of their income during the month for a small, lump sum. Revolut’s platform and app will connect to an employer’s payroll system, allowing employees to withdraw a portion of their pay earlier in the month.
Customers will be able to view their available accumulated earnings and select the amount they wish to withdraw directly to their main account, helping employees instantly access their wages earlier in the month to cover necessary expenses or costs, and avoid s ‘indebted.
Payday has no effect on credit rating and provide customers with a cheaper alternative to credit cards or payday loans that they could rely on to solve their cash flow problems. Payday offers a seamless experience between payday advance and a host of other innovative financial products, all in Revolut’s super financial app.
In addition to being attractive to potential employees, Payday is free and easy for businesses to integrate. Cash flow is not affected by the move, as employers will continue to pay employee salaries at the end of each month. Additional benefits for businesses include increased employee satisfaction, improved financial well-being and financial resilience of employees, and decreased turnover.
Nik Storonsky, Founder and CEO of Revolut, said:
“We believe in the importance of making financial wellness accessible to everyone, and that includes focusing on the impact of financial stability on the mental health of employees. After the hardships of the past year, the last thing employees need now is financial uncertainty and stress. It’s important to move away from a situation where many are dependent on expensive short-term payday loans and credit, an addiction that is exacerbated by the monthly payroll cycle.
Revolut plans to roll out Payday in the EEA and the United States in the coming months. Companies and employees can get in touch via [email protected] or visit this link www.revolut.com/payday.