DailyPay, the premier provider of on-demand pay solutions, which has almost changed the payment landscape, added a new feature SAVE 3.0 for better user experience. Providing this feature will expand no-cost methods in which workers can transfer their earned income to their own savings account before the scheduled payday. This feature supports the annual celebration and call-to-action of America Saves Week, for the Americans to commit to saving successfully.
The feature improvements were identified after analyzing feedback from top employers in America, a broad spectrum of employees, and a study of 1,000 hourly workers on savings needs and preferences. Findings from the survey include:
- Cost-free ways will help them save more – suggested 78% of employees.
- Saved funds should be deposited directly into their bank account by the saving app suggested by two-thirds, i.e., 64% of employees.
- Providing a savings account that draws interest – suggested by one-half, i.e., 57% of employees.
DailyPay has been allowing workers to access their accumulated earnings before payday for years. Employees can use their income for a small fee to cover unforeseen bills, support lags in payday periods, and achieve financial stability.
By merging PAY and SAVE, DailyPay has developed a superior pay experience that will affect every employee positively.
All employees using DailyPay have easy access to the SAVE 3.0 feature. DailyPay will help employees SAVE in the following three unique ways:
- AutoSAVE: Every employee can “set it and forget it” and build a savings safety net with regularly scheduled savings.
- DirectSAVE: Permits workers to save a different amount at any time, on demand, every pay period.
- RoundupSAVE: Starts the saving habit and allows workers to “save as they spend”
by allocating a certain percentage of their earnings to savings while asking for a paid transfer before payday.
Chief Innovation and Marketing Officer for DailyPay, Jeanniey Mullen, stated, “DailyPay strives to enable employers to provide a payment experience that goes beyond financial wellness and creates responsible income management.” He also mentioned, “When it comes to saving, the hardest part is getting started. For that reason, we now offer employees even more opportunities to save with SAVE 3.0. Our initial data indicates that the average employee currently saves 20% more each pay period when he or she uses all three savings features in any given pay period.”