The solutions reviewed in this report are focused on helping lower wage workers who often face income insecurity and financial hardships. However, as the industry matures, higher-income individuals may also have an interest in getting paid based on their needs rather than a calendar date.
BOSTON (PRWEB) April 24, 2020
A new industry within the financial wellness market provides employees with access to wages that they have already earned but have not yet received through the traditional employer payroll cycle. Workers can request to receive a portion of their pay before payday in order to be able to pay their bills on time and avoid high-cost financing options like overdrafts, credit cards, and payday loans. By offering the option of getting paid more frequently, employers can both attract new employees and retain current employees, which saves the expense of recruiting, onboarding, and training new workers.
Mercator Advisory Group’s latest research report, On-Demand Earned Wage Access: U.S. Vendor Comparison, examines market providers of services delivered as part of employers’ benefits and also at solutions that operate as a direct-to-consumer model.
“This is a rapidly growing corner of the payments industry that has the potential to alter the way workers think about getting paid,” commented Sarah Grotta, Director, Debit and Alternative Payment Products Advisory Service, and author of the report. The solutions reviewed in this report are focused on helping lower wage workers who often face income insecurity and financial hardships. However, as the industry matures, higher-income individuals may also have an interest in getting paid based on their needs rather than a calendar date.”
Highlights of the report include:
- The current market drivers for on-demand earned wage access
- How earned wage access and earned wage advance products function
- Sizing of the current market for this service
- Current regulatory considerations
- Reviews of seven providers, each including a company overview and a product review
- Advice for buyers and providers of these services
This report is 27 pages long and has 7 exhibits.
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 the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients 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 payments and banking news and information portal PaymentsJournal.com.