A U.S. worktech company called DailyPay is expanding internationally with a new service in the United Kingdom.
The company is bringing its award-winning EWA Platform to the world for the first time.
DailyPay’s UK expansion is available for clients who have operations in the UK starting this fall. Employees can access their wages immediately, instead of waiting until the end-of-month check.
Josh Durodola is Vice President for International at DailyPay. He said, “International expansion fits perfectly with our mission of providing earned wage access to all, everywhere.” Many of our clients are global companies, and there has been a clear demand for this service in countries outside the U.S. We are thrilled to offer this financial wellness tool for U.K. employees, helping them to take control of their earnings and improve their financial well-being.”
Money and Pensions Service in the UK (MaPS) reports that financial stress is on the rise in the UK, with 16 million workers expected to miss payments for essential bills by 2023. DailyPay has shown positive results in the U.S. where 69 per cent of users who had previously been charged late fees for bills have reported that they were able to reduce or eliminate those fees after using the platform.
Financial literacy and mental health are also important concerns in the U.K. According to a study by The Great British Financial Literacy Test, 88 percent lack confidence when managing their finances. And 32 percent believe that their financial situation has a negative impact on their mental well-being. DailyPay offers U.K. workers greater financial flexibility by allowing them to access their wages on demand.
DailyPay works with employers of all sizes, from Fortune 500 to small business, to improve their employee retention, satisfaction and hiring rates. The company aims to reduce employee dependence on payday loans, high-interest loan companies, and overdrafts by allowing employees to receive their paychecks as soon as they are earned.
DailyPay is expanding its services in the U.K., a move that reflects DailyPay’s increasing influence on global pay practices. This could improve financial stability of millions of workers worldwide.
