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On-Demand Pay Quickly Becoming a Winner During the Crisis

On-Demand Pay Quickly Becoming a Winner During the Crisis

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FintechNews RoundupUSA
··1 min read

While writing in his weekly Forbes Column Ron Shevlin of Cornerstone Advisors says on-demand pay or earned wage access services are becoming one of the biggest winners during the current crisis; nine million people have already used on-demand pay services with 50 percent of that group using it two or more times; Jeanniey Mullen, Chief Innovation and Marketing Officer at DailyPay, tells Forbes, “Between March 15 and March 17, the number of people transferring their earned pay spiked 400%. Nearly 43% of our user base needed to use their money ahead of time for COVID-related purposes.”; with more and more people losing their jobs or getting hours cut the service has become critical for people living paycheck to paycheck; while the services bill themselves as an alternative to payday loans they have not yet hurt that market dramatically; according to Cornerstone Advisors 50 percent of those using on-demand pay also took out a payday loan, with 14 percent taking out multiple payday loans. Forbes

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.

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