U.S. digital bank Chime is launching a product that will allow customers to access up to $500 of their wages before payday, the latest move by a financial...
- U.S. digital bank Chime is launching a product that will allow customers to access up to $500 of their wages before payday, the latest move by a financial technology company to enter the fast-growing " earned wage access " market.
Chime is known for products that offer users' short-term liquidity, like its fee-free overdraft service.While Chime did not disclose if it planned to generate revenue on the new product, the company anticipates MyPay will drive greater engagement and product usage among its current customers and will also prove successful for customer acquisition, said Britt.
The U.S. Consumer Financial Protection Bureau indicated late last year that it would soon issue guidance on how consumer lending laws should apply to EWA, but said it was also supportive of states creating oversight frameworks for EWA.Chime has long been thought of as a likely candidate for an initial public offering next year, having lined up Goldman Sachs in 2022 for early preparations.
Earned Wage Access Chime Mypay Financial Technology Company Product Usage
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