Financial solutions company DailyPay is celebrating the one millionth payment made through the company’s platform.
DailyPay provides instant access to wages before regularly scheduled pay days. The New York-based company was founded in 2015 by Jason Lee and Robert Law. Its current customer base represents more than $800 million of annual wages, and clients have reduced turnover by an average of 41 per cent, the company said in a release.
The milestone payment coincides with a new product feature allowing users to request funds by texting an emoji to DailyPay, an act the company believes removes the stigma associated with asking for money. One emoji equals $20, with the maximum single request being $100. During the peak 5-8 pm period DailyPay receives one emoji request every .92 seconds.
“Our rapid growth points to the strong demand from employers looking to retain staff, and their employees needing empowerment and control over their wages,” Mr. Lee said. “We launched this emoji payment feature because asking for money can sometimes feel awkward. We want our customers to feel proud and confident in meeting their financial goals.”
Corporate clients can integrate DailyPay with their timekeeping and payroll systems. Employees can view balances in their DailyPay accounts and request any amount prior to payday.