Now employees can get access on demand pay and instant payments simply by texting emojis
DailyPay, the on-demand payment platform that gives employees real-time access to earned pay, today introduced the DailyPay Emojis service. DailyPay Emojis, which allows users to make requests via SMS for instant access to earned pay, underscores the company’s commitment to meeting the communications preferences of users.
A recent survey of DailyPay users found that in the six months since the service launched, nearly 70% of those using the service identify as Millennials or Generation Z, highlighting the appeal of on-demand services for younger generations.
“Today, consumers can manage their Capital One accounts through Amazon’s Echo. They can order an Uber from Facebook Messenger. We believe that accessing earned pay should be at least that simple,” said DailyPay CEO Jason Lee. “Our survey shows we are on the right track. Payment innovation is at the heart of what we do, and we will continue to look for ways to bring new services and solutions to users across industries.”
The DailyPay Emoji service syncs modern communication with the growing Daily Pay Movement, which is transforming payroll and giving people more control over their money. The process is simple: users text emojis and receive their earned/unpaid pay instantly. Each emoji is a request for $20. To date, thousands of people have used the service. The survey also showed that 20% of all instant payments were requested via SMS, demonstrating the wide appeal of a ubiquitous conversational commerce solution.
“The younger generations of employees entering the workforce are digital natives, and we want our product to meet their digital expectations,” said Kevin Phillips, VP of Product, DailyPay. “Clearly the DailyPay Emojis feature resonated; it meshes with the growing list of instantly accessible services that are shaping our everyday life.”
DailyPay Emojis is a part of an emerging category known as “conversational commerce.” These types of services leverage the popularity of messaging apps and automation technology to enable people to interact with money in new ways, from how they budget to what they buy.
By making transactions as simple and straightforward as texting, DailyPay takes the friction out of personal finance, while continuing to promote financial wellness. Within six months of launching the emojis service, users requested more than $2 million in early transfers. Survey results show that users most commonly use DailyPay for:
- basic needs (66%)
- unexpected/emergency expenses (57%) and
- paying monthly bills (51%)
DailyPay’s mission is to give employees their first step toward financial security. DailyPay is the pioneer in providing employees real-time access to earned wages across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. With DailyPay, employees can pay bills on time and avoid late fees, helping them reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. The company is headquartered in New York.