Boston, September 15, 2020 – With the outbreak of the COVID-19 pandemic disrupting the way that work is done and severely impacting people’s economic situation, DailyPay saw the need for employers to offer their frontline employees immediate access to their money. As a response, it launched a campaign to help companies rethink the way they manage workers and the way they pay them. For employees strapped for funds, DailyPay replaces the need for payday loans or overdraft fees and strengthens the employee-employer bond through a unique pay experience. By giving employees instant access to their pay when they need it, DailyPay enables individuals to overcome a vicious cycle of paying bills late and can provide a first step toward financial security.

Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by organizations that leverage technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, and/or levels of automation and effectiveness that are bringing our industry one step closer to the next generation of financial services offerings. Other reports in this series feature Aite Group’s Impact Innovation Award in Digital Wallets for customer experience, market adoption, merchant experience, and product design.

Clients of Aite Group’s Retail Banking & Payments service can download this 10-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].