ZayZoon, a pioneer in Earned Wage Access, announces the launch of its Visa prepaid card and digital wallet to eliminate early access fees for employees and disrupt outdated employer-led payroll card loading systems.
EML Payments Limited (ASX: EML) (S&P/ASX 200), with EML FINLABS’ partner Interchecks, has partnered with ZayZoon to give employees true flexibility and empowerment over getting paid their earned wages on demand.
With the launch of the ZayZoon Visa prepaid card program, employees can easily sign-up for a Visa prepaid card within the ZayZoon app and receive their earned wages immediately. Once signed up, employees receive a virtual card in seconds and can get access to their earned wages without waiting for the traditional fortnight or monthly paycheck. Account balances, transactions, spend alerts, locking/unlocking a card, and many other features are available within the ZayZoon iOS, Android and web app.
89%* of employees surveyed by ZayZoon reported a reduction in their financial stress by using the ZayZoon solution to access already earned but unpaid wages. Furthermore, businesses benefit from the hands-off, hassle-free program, including restaurants using the solution, reporting up to an 80%* reduction in employee cash theft.
”We’re doing right by our customers and extending our service by giving unbanked customers a means to access their wages in real-time at zero cost,” highlighted Tate Hackert, President at ZayZoon.
”Strategically, EML predicts a massive growth opportunity in helping employees gain access to the wages they’ve earned when they want. The EML prepaid card solution makes ZayZoon’s already seamless and inexpensive Wages On-Demand product even better by removing early access costs,” explained Ailie Kofoid, CEO Americas at EML.
ZayZoon’s new prepaid product and digital wallet furthers its goal of democratizing employees’ financial wellness across the United States by giving potentially 14 million* underbanked workers a low-cost option to access their wages. With ZayZoon, businesses of any size can offer their staff the benefits of Wages On-Demand and financial education in minutes – not weeks.
ZayZoon is on a mission to improve employee health through the use of responsible financial products. We partner and integrate with companies of all sizes to provide their staff access to our suite of products, including Wages On-Demand, Financial Education, and personal finance tools. Workers around the world rely on predatory products such as payday loans and overdraft fees to bridge the paycheck-to-paycheck gap created by pre-determined payroll cycles — we aim to help break that cycle. ZayZoon’s on-demand access to wages helps reduce financial stress and improve workplace satisfaction and productivity.
About EML Payments
EML provides an innovative payment solutions platform, helping businesses all over the world create awesome customer experiences. Wherever money is in motion, our agile technology can power the payment process, so money can be moved quickly, conveniently and securely. We offer market-leading programme management and highly skilled payments expertise to create customisable feature-rich solutions for businesses, brands and their customers.
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- ZayZoon’s survey of a sample of 1,000 customers in 2020, where 89.7% of respondents said the platform decreases their financial stress.
- A significant client informed ZayZoon on April 12th 2021, that there had been an 80% reduction in cash theft within the business. Next Advisor, June 4th 2021 https://time.com/nextadvisor/banking/what-to-know-if-you-are-unbanked/
- ZayZoon Visa Prepaid Card is issued by MetaBank®, National Association, Member FDIC, pursuant to a license from Visa U.S.A. Inc.