The shift from checks and direct deposit to more flexible electronic payments —such as payroll cards, PayPal, and others — has been unfurling for years. Now the pandemic may push these newer options to the forefront.
, based in Queens, New York, recently promoted DailyPay on their Twitter as a benefit to their employees. The company, which has about 1,000 full- and part-time home health aides out in the field, has seen an uptick in interest in more flexible pay arrangements — namely, getting paid immediately — amid the current crisis.
What you will see is a shift from a weekly or biweekly payment cycle to a more employee-centric model, moving to daily or on-demand payments and greater flexibility in payment schedules.Initial demand for things such as payroll cards came from lower-income workers who are more likely to be unbanked, or without a bank account. But now younger workers are driving demand as well.
"It won't be one-size-fits-all. What you will see is a shift from a weekly or biweekly payment cycle to a more employee-centric model, moving to daily or on-demand payments and greater flexibility in payment schedules," he said.
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