With an economy in flux, Americans continue to struggle to pay bills on time. Recent research from FICO revealed that about 1 in 5 U.S. consumers had past-due payments listed on their credit reports in the last year. This drives down credit scores and brings upon a whole host of negative financial ramifications. To make matters worse, data from PYMNTS intelligence shows that about 6 in 10 Americans live paycheck to paycheck.
These sobering statistics remind us how challenging it can be to make ends meet and pay bills on time in a regular manner. But, oftentimes the ability to pay a bill comes down to one’s liquidity and if money is available at that very moment. Unfortunately, the timing of bills and pay are often misaligned, causing negative consequences for all involved. This reinforces the importance of speed, accuracy, and reliability when it relates to actually getting your pay.
Because, bills don’t wait for anyone.
Fortunately, innovations in payment technology, in particular, earned wage access (EWA), have empowered millions of workers worldwide with choice and control over their pay to pay bills on time. Many of the world’s leading employers now offer this transformational financial wellness benefit to their employees, enabling them to access their earned pay with the press of a button on their smartphone.
In 2023, DailyPay, a leading worktech company, moved over $19 b****** on its platform, clearly demonstrating that earned wage access has arrived as an essential benefit for the American worker. The company is now leveraging advancements in AI technology to ensure that money moves from the employer into the employee’s pockets safely and efficiently.