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Revolut launches advanced pay in the UK – TechCrunch



Revolut launches advance pay feature in the UK - TechCrunch

Revolut, a Fintech startup, has introduced Payday. Payday is an alternative to short-term loans and credit card debt. It allows you to access a portion of your wages earlier. Revolut integration allows users to access the feature from the Finance Super app.

The feature is currently only available to UK-based companies. However, the company plans on expanding it to the European Economic Area as well as the US. This is the problem – payday will not be available to all who receive their salary via direct deposit into their Revolut accounts.

Revolut has to first be integrated into an employer’s payroll system in order for the company to know how much their employees are earning at any given time. However, the fintech startup claims employers don’t need to modify their pay system.

Once this is completed, employees can access a portion of their earned wages at any moment. Users can withdraw upto half of their earned earnings in advance. Revolut charges a small fee for this feature.

Nik Storonsky is Co-Founder, CEO and Chief Executive Officer of Revolut. “We believe it’s important to make financial well-being available to all. That includes focusing on financial stability and employee mental health,” Storonsky said. “After the difficulties of last year, all the employees need now is financial uncertainty and stress. “It is imperative to get out of a position where many people are dependent on payday loans or expensive short-term credits. This dependency is made worse by the monthly salary cycle.

Payday is a great option for those who don’t have the money to cover unexpected expenses. You can get cash instantly if your car is in need of repair and you don’t have the money until the end.

This is not a debt, and it doesn’t affect creditworthiness. It’s part your salary. If you get paid, you’ll get less money at end of month.

Payday can be used to check how much you have earned this month, even if you do not use the salary advance. It will be interesting to watch how many companies accept this role. Payday offers companies the opportunity to learn from their own employees, with millions of users across the UK.

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