Tuesday, September 21 2021


One of the 7 exhibits in this report

The solutions examined in this report aim to help low-wage workers who often face income insecurity and financial hardship. However, as the industry matures, higher income individuals may also benefit from being paid based on need rather than a calendar date.

A new industry within the financial wellness market is giving employees access to salaries they have already earned but have yet to receive as part of the traditional employer’s pay cycle. Workers can request to receive part of their wages before payday so they can pay their bills on time and avoid expensive financing options like overdrafts, credit cards and payday loans. By providing the ability to be paid more frequently, employers can both attract new employees and retain existing employees, saving the expense of recruiting, onboarding and training new workers.

The latest research report from Mercator Advisory Group, Access to wages earned on demand: a comparison of American suppliers, examines market vendors of services provided as part of employer benefits as well as solutions that work as a direct-to-consumer model.

“This is a rapidly growing part of the payments industry that has the potential to change the way workers think about being paid,” commented Sarah Grotta, Director of Debit Products Advisory. and alternative payment and author of the report. The solutions examined in this report aim to help low-wage workers who often face income insecurity and financial hardship. However, as the industry matures, higher income individuals may also benefit from being paid based on need rather than a calendar date. “

Highlights of the report include:

  • Current market drivers for access to wages earned on demand
  • How the Earned Payroll Access and Earned Payday Advance products work
  • Sizing of the current market for this service
  • Current regulatory considerations
  • Reviews from seven vendors, each including a business overview and product review
  • Advice to buyers and suppliers of these services

This report is 27 pages long and has 7 parts.

Companies and other organizations mentioned in this report include: Acrisure, Blue Yonder, Branch, DailyPay, Dave, Delaget, Earnin, Evolve Bank and Trust, FlexWage, Instant Financial, Kronos, Mastercard, PayActiv, The Clearing House (TCH) and Visa .

Members of Mercator Advisory Group’s Debit and Alternative Products Advisory Service have access to this report as well as upcoming research for the coming year, presentations, analyst access and other benefits to the members.

For more information and media inquiries, please call the Mercator Advisory Group main line: 1-781-419-1700, email [email protected]

For free industry news, opinions, research, company information and more, visit us at http://www.PaymentsJournal.com.

Follow us on twitter @ http://twitter.com/MercatorAdvisor.

About the Mercator Consulting Group

Mercator Advisory Group is the leading independent research and advisory services firm focused exclusively on the payments and banking industries. We provide pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our customers range from the world’s largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online and banking payments news and information portal PaymentsJournal.com.

Share the article on social media or by email:





Source link

Previous

No More Stories.

Next

NEA Board of Directors appoints new Beneco leader - Philippine Canadian Inquirer

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also