PayKey, a fintech company based in Israel, introduces Earned Wage Access to the country. Earned Wage Access, or EWA is a concept that enables employees to have access to their already earned salary with a click of a button.
PayKey has developed an end-to-end EWA solution that banks can offer to their corporate clients so employers can include it as an employment benefit to their workers.
“People get paid once or twice a month on payday, and it’s been like this for many years. It’s a very outdated way of looking at how salaries are paid,” said Roy Gabriel, chief innovation officer, and general manager of PayKey. “If they need money to pay bills and other unanticipated expenses, especially amid the new normal, they need to find another solution. They would ask for an advance, or what Filipinos call ‘bale,’ from their employers, or even borrow from their family and friends, or take a loan from external lenders, which, sometimes can get stressful and painful.”
Employees can go into the app to check how much money they have earned to date and can request an advance on salary via the said app. In addition, PayKey’s EWA feature allows them to transfer the funds to their linked bank account immediately. PayKey has worked with leading banks worldwide to develop the standalone app and is now in the process of working with some top local banks to allow this solution in the Philippines early next year.
To learn more about PayKey, you may visit their website here.