Earned wage access (EWA) adoption has surged, with the market tripling from US$3.2 billion in 2018 to US$9.5 billion in 2020, and it reached US$31.9 billion in 2022. This growth trajectory has attracted numerous vendors offering both business-to-business (B2B) and direct-to-consumer (D2C) solutions, while simultaneously drawing increased regulatory scrutiny. For employers, particularly those with hourly workers, EWA has become a strategic tool for recruitment and retention, with over half of midsize and large organizations expressing interest in deployment.
The B2B EWA market continues to demonstrate robust growth and significant potential, driven by increasing employer adoption across diverse industry verticals and strengthening employee demand. This report explores many of the trends in EWA and challenges providers face including regulatory complexity and competitive landscape. It is based on extensive conversations and product demonstrations with EWA vendors, interviews with regulators and financial institutions, and several years of Datos Insights’ research on EWA products. This report profiles AnyDay, Branch, Clair, Clockout, DailyPay, Dayforce Wallet, FlexWage, Immediate, Instant, Netspend, PayActiv, Paycom, Rain, Rellevate, Tapcheck, and Wagestream.
Clients of Datos Insights’ Commercial Banking & Payments and Retail Banking & Payments service can download this report.
This report mentions 7Shifts, ADP, Advanced, Albert, Alight, Allocate, Amazon, Apple, BMO, Brigit, Central Bank of Kansas City, Dash Solutions, Cleo, Dave, Deleget, Domino’s, Earnin, EBC, Even, Evolve Bank, FinFit, Fiserv, FloatMe, FSV Payment Systems, Global Payments, GO2bank, Google, Gusto, Homebase, Hotel Effectiveness, ICP, Isolved, KOHO, Kronos, LandrumHR, MasterCard, Metabank, Microsoft, MX Technologies, Mercer, Moneylion, NCR, Oracle, Oura, Pathward, Paychex, Paycor, Paylocity, Paymentus, PNC Bank, PrimePay, Prism, Proliant, Q2, QuickBooks, Rapid!, Republic Bank, Restaurant 365, Rippling, Santander, SAP, SimplyInsured, Smartlinx, Spherion, Sutton Bank, Swipeclock, TD Bank, Toast, Trinet, uAttend, Uber, UKG, US Bank, Visa, Walmart, Workday, XTM Inc., Zebra Technologies, and Zellis.
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