Innovation: Reimagining Financial Wellness
Definition: A New Idea, Business Method
A purpose-guided business model where everyone wins
EWA is where HR and FinTech meet
EWA
The Employer
no cost, no change
- We created more space and time in payroll by integrating Time & Attendance systems into our financial wellness platform.
- We add on customized guardrails, based on the employer, to ensure workers are accessing their money responsibly.
- We front the funds, so there’s no cost to the employer.
- Once a worker accesses EWA funds, it’s automatically reflected in their next paycheck.
The Worker
no cost, no stress
- We’ve made an accessible mobile app for Apple and Android so users can easily access, track and manage their wages.
- Earned wages are displayed in real time so workers are always aware of their current financial situation.
- Automatic savings and bill pay options help workers maximize their money and lose less on late fees and transaction costs.
Looking Ahead
- As an advocate for the hard working Americans across the country, we understood that it was time to innovate and rethink financial wellness.
- Earned Wage Access brings financial security, dignity, and savings to millions experiencing financial stress. But our work is not done. From struggling to pay credit card bills on time, to having the funds to get ahead of their expenses, paying off debt, and saving for their financial goals. We are committed to helping hard working Americans overcome financial indignities. We remain dedicated to building solutions that challenge the status quo and empower our users to live the life they earned.
The Financial Wellness Solution
going beyond just earned wage access
Our journey began with Earned Wage Access, but in the last 10 years, we have worked to go above and beyond to create a financial wellness platform for every worker. While Earned Wage Access is an instrumental part of our mission to raise the standards for financial wellness for employees around the world, we have created a suite of accessible tools and resources to empower our users to feel confident and in charge of their finances.
The Payactiv Visa® Card provides accessible direct deposit options for employees on different stages of their financial wellness journey with additional benefits including accessing earned wages up to 2 days earlier, discounts on gas, and more.
Employees can use their paycheck to automatically load cash into Amazon and seamlessly use their wages for their next order, knowing that they already have the funds to back up their purchase.
Within the Payactiv app, users can set up automatic bill payments to avoid late fees. They can also create customized budgeting plans by allocating their wages for specific purchases and expenses like utilities, groceries, and more. In fact, Payactiv users paid $2.3 million in bills using the Bill Pay feature in 2022.
Tools like SmartSave and SmartSpend tell users exactly what they’re spending their money on and allow them to automatically allocate their wages towards specific savings goals.
Through the Payactiv app and Payactiv Visa® Card, users can unlock discounts on gas, prescription medications, movie tickets, and more.
We’re proud to support the financial wellness of workers at over 4,000 BUSINESSES
AWARDS & RECOGNITION
and the award goes to...
documentary
It's About TIME
Featuring commentary from CEOs, financial health experts and employees, the film follows the stories of several American workers living paycheck-to-paycheck.
“When you don’t have to rely on someone or feel like ‘I’m broke and I’ve been working for 2 weeks,' you feel better about yourself.”
Andrew Lineberger
Employee at Results Co.
Dear Diary,
Today was a good day. I was able to surprise Isabella with a new pair of sneakers for her birthday so she could wear them during her hospital shifts. The old ones were so worn out, she was starting to get blisters on her feet.
She asked me where I got the money from, because she was sure we still owed over $750 on our credit card. A few months ago, our boss told us about a new company benefit called Earned Wage something. I know it’s EWA for short. Anyway, we could sign up for accounts on a Payactiv app and start accessing our paychecks daily, instead of waiting 2 weeks like before.
I was just exploring the app and used a feature called SmartSave, a savings tool that automatically puts money
Dear Diary,
Today was a good day. I was able to surprise Isabella with a new pair of sneakers for her birthday so she could wear them during her hospital shifts. The old ones were so worn out, she was starting to get blisters on her feet.
She asked me where I got the money from, because she was sure we still owed over $750 on our credit card. A few months ago, our boss told us about a new company benefit called Earned Wage something. I know it’s EWA for short. Anyway, we could sign up for accounts on a Payactiv app and start accessing our paychecks daily, instead of waiting 2 weeks like before.
I was just messing around with it at first but I used something called SmartSave, a part of the app, to start putting away some money every day to get her the shoes before her birthday. I forgot about it until last week. I made another one to pay off the card.
To be honest, I don’t know how it worked out but by the end of this week, I was able to get the shoes and pay off the bill before another missed payment. . She didn’t even realize that for the past few weeks, we weren’t paying any overdraft fees either. And I did it before she could see it, as a bonus gift. And she was shocked.
I don’t know what my next goal’s going to be, but I have my eyes set on a mini trip upstate for our anniversary.
– Miguel
towards the goal I created. Before I knew it, it had saved me enough money for the shoes. I created another goal to help save to pay off the card.
To be honest, I don’t know how it worked out but by the end of this week, I was able to get the shoes and pay off the bill before another missed payment. She didn’t even realize that for the past few weeks, we weren’t paying any overdraft fees either.
I don’t know what my next goal’s going to be, but I have my eyes set on a mini trip upstate for our anniversary.
– Miguel
Explore other sections
Book 2: INVENTION
Getting paid every 2 weeks is actually hurting millions of workers across the country. In fact, consumers pay $8 billion in overdraft fees each year and the number is only going up. Earned Wage Access takes advantage of technology to help workers access their money, as they earn it, to transform their personal finance journey.
Book 4: INFLUENCE
According to KPMG, EWA will become “a table stakes employee benefit in the not-too-distant future”. People are noticing as EWA gains traction as one of the most popular benefits in the market. Learn how it is influencing the industry and setting a new standard for financial wellness.