DailyPay Rebrands Its Card, Adding New Merchant Cash Back Offers

News provided by

Sep 09, 2024, 09:00 ET

"DailyPay Visa^® Prepaid Card" Launches With A Focus On Helping Users Navigate Their Financial Wellness Journey

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- DailyPay, a worktech company and leading provider of earned wage access, is rebranding its "Friday by DailyPay Visa^® Prepaid Card," launching the 'DailyPay Visa® Prepaid Card.' The newly rebranded DailyPay Card adds additional capabilities to DailyPay's existing suite of money movement services to help meet the needs of employees on their financial wellness journey.

The DailyPay Visa® Prepaid Card will remain a general purpose reloadable (GPR) card with an app that allows users to transfer a portion of their earned wages to the card in real time*, and with no fee** if the user has updated their direct deposit to the card. The card was designed with flexibility in mind, offering the benefits of an account without hidden fees, a minimum balance requirement or maintenance fees^†. The DailyPay Visa® Prepaid Card provides an additional option to DailyPay's existing capability of disbursing funds in real time* directly to the user's bank accounts via a debit card. Plus, the DailyPay Card and DailyPay's earned wages access features can be managed in the same app, allowing users to track earning and spending all in one place, daily.

The DailyPay Visa® Prepaid Card will feature card-linked offers later this fall that will allow users to browse an in-app marketplace of merchant-funded discounts and accrue cash back after an eligible purchase is made. This gives users an avenue for saving costs on their needed purchases, enabling their money to go further between paychecks.

Created in collaboration with Visa, a world leader in digital payments, and The Bancorp Bank, N.A., Member FDIC, the DailyPay Visa® Prepaid Card is geared to help the everyday worker take control of their finances, manage their money and track spending, all in one mobile app.

"The additional features to the new and improved DailyPay Visa® Prepaid Card speak to our ongoing commitment to creating meaningful and relevant products to help users on their path to financial security," said Jack Rubin, SVP of Consumer Financial Solutions at DailyPay.

The DailyPay Visa® Prepaid Card joins DailyPay's worktech platform that features the company's signature earned wage access solution, offered by many of the world's leading employers as a financial wellness benefit. Research shows that employees who leverage DailyPay are better positioned to pay bills on time, avoid late fees, and avoid accumulating credit card debt. The data shows about 7 in 10 (69%) DailyPay users who previously paid late fees do this less often or stopped completely since they started using DailyPay. In addition, 62% of users who previously incurred credit card interest charges do this less often or stopped completely since they started using DailyPay.

About DailyPay, Inc.
DailyPay, Inc. is transforming the way people get paid. As a worktech company and the industry's leading earned wage access solution, DailyPay uses an award-winning technology platform to help America's top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City. For more information, visit www.dailypay.com/press.

*Actual fund availability depends on receiving financial institution and region
**Requires employer participation in DailyPay, and election to deposit early transfers and set direct deposit to the DailyPay Card.
^†Other fees and limits apply. See Cardholder Agreement for details.

The DailyPay Visa^® Prepaid Card is issued by The Bancorp Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and can be used everywhere Visa debit cards are accepted. The Bancorp Bank, N.A., Member FDIC.

Media Contacts:
David Schwarz
[email protected]

Adriana Ball
[email protected]

SOURCE DailyPay