Revolut announced the launch of a feature, Payday, in Ireland that will allow users to access their wages before their wages are paid.
Following its launch in the UK last month, the Earned Salary product will now be available in Ireland and is expected to roll out soon in the US and the EEA (European Economic Area).
Once their employer is registered, employees will be able to instantly withdraw a portion of their accumulated wages. Payday will give employees access to the wages they’ve already earned within the month so they can choose to be paid weekly, bi-weekly, or even daily.
The Payday feature will not work as a loan or credit and eligible customers will only be able to withdraw money that they have earned but have not yet paid.
The platform and app will connect to an employer’s payroll system, allowing employees to withdraw part of their salary earlier in the month for an amount of â¬ 1.75 from the employee’s side when he accesses his earned salary.
The company said it launched the feature with the aim of “removing the financial stress many workers face between monthly paydays,” improving “financial well-being” and helping people ” avoid resorting to high cost credit products such as payday loans “.
The feature will also be free for employers, as they will still pay employees monthly, meaning cash flow will not be affected by the move.
Customers will be able to view their available accumulated earnings and select the amount they wish to withdraw directly to their main account. Payday will also have no impact on an employee’s credit rating.
âWe 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,â said Joe Heneghan, CEO of Revolut Europe.
âAfter the hardships of last year, the last thing employees need now is financial stress and uncertainty. It’s important to get out of a situation where many are dependent on expensive short-term payday loans and credit, an addiction that is exacerbated by the monthly payroll cycle. “
Stephen Costello, CEO and Co-Founder of Spectrum.Life added, âOur coaches and clinicians regularly face incidents where financial issues have contributed to the stress, anxiety or mental health issues a person is facing. when it calls on our services.
âProviding employees with greater financial flexibility through modern solutions, such as Payday by Revolut, can help alleviate some of the financial challenges an employee may face. “
Businesses and employees can get in touch and access more information via email@example.com or visit www.revolut.com/payday.