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the launch of its Visa prepaid card and digital wallet to eliminate early access fees for employees and disrupt outdated employer-led payroll card loading systems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, 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.
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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.
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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.
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