Revolut launches Payday, a platform to give access to earned wages immediately

Karthik Subramanian

Revolut, one of the major fintech platforms in Europe that seeks to deal with all things related to money, has announced the launch of a new platform called Payday which will give its users, access to the wages that they have earned until then, in a month.

This platform would give wage earners access to the wages that they have earned and they would not need to wait till the end of the month to get their wages. This would especially be useful to generate liquidity for the wage earners who work on monthly wages and with this platform, they would be able to track how much they have earned daily and those funds would then be available to them for use at any day during the month.

The beauty of this platform would be the fact that this would not be considered as a loan and would give the users more flexibility in managing their finances and the users would not need to seek any debts between the monthly paychecks. The platform will have a small, flat fee which the users would have to pay and the company would work directly with the employers to make sure that these funds are available to their employees at any point of time in a month. This would not affect the liquidity of the employers as they would continue to pay their wages only at the end of the month and thus this would be a win-win situation for all.

Nik Storonsky, founder and CEO at Revolut, said: “We believe in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees’ mental health. After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress. It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.“

Revolut has been expanding across a variety of financial services over the last few months and it has also been looking to raise funds to fund its expansion across regions and different financial services as well. As for the Payday platform, there definitely seems to be a specific use case for what it is looking to achieve and the ‘small fee that it chooses to charge could make or break this platform.

Read this next

Retail FX

FP Markets adds exotic FX pairs from Africa, LATAM, Asia to MT4/5 offering

“As a top-tier broker, our objective is always client satisfaction. Therefore, the additional currency pairs, which can be traded either through our MT4 or MT5 trading platforms, offer investors choice and flexibility when trading in the currency market”.

Retail FX

BaFin warns that StakeFX Markets is clone broker of BaFin-regulated broker Stak FX

Users should always check the registration of any firm they are interested in working with by visiting the local regulator website’s broker check page.

Digital Assets

FTSE Russell launches multi asset index series covering digital asset market

“FTSE Russell has taken a measured approach to this frontier investment space and has built a rigorous and transparent framework, underpinned by robust governance and comprehensive data to meet investor needs, both where they are now and as they prepare for change in this market.”

Technology

Sell-side analysts spend +30h/week manually closing/investigating alerts, says study

An independent report by Acuiti, and commissioned by Eventus, has found that the increasing complexity of trade surveillance requirements, driven by regulatory demands and exacerbated by volatility, is putting pressure on manual processes and driving investment in automation. 

Digital Assets

Silvergate dismisses speculation of trouble, says BlockFi exposure is minimal

Crypto-friendly bank Silvergate Capital claimed on a Tuesday blog post that it had minimal exposure to crypto lender BlockFi, which filed for chapter 11 bankruptcy protection this week.

Retail FX

Fidelity launches crypto trading for retail investors

Fidelity Investments, one of the largest brokerages in the world, has officially rolled out a commission-free crypto trading product for retail investors, starting with zero-fee trading for Bitcoin and Ethereum.

Digital Assets

ECB head calls for tougher crypto regulation after FTX collapse

President of the European Central Bank, Christine Lagarde, has called on lawmakers to start working on fresh crypto regulations to protect the financial system after the collapse of the FTX exchange.

Retail FX

CySEC updates rules for regulated brokers’ cross border activity

As CySEC’s attitude of adopting more stringent licensing guidelines and operating regulations becomes ever clearer, certain aspects of the rules and operations start to come into sharper focus.

Market News

Outlook for Gold: Can the Precious Metal Regain Power?

Gold set an all-time high at $2070 on March 08, 2022, when the price skyrocketed amid investors’ worries about the military conflict in Eastern Europe.

<