WhiteSight

Payroll FinTechs: Financial Wellness for Employees

Table of Contents

FinTechs, in their quest to go after underserved segments, are going after a significant niche customer base: The Salaried Employees. Salaried employees, especially the ones with poor credit history and in need of quick-cash have relied upon the payday lenders for decades. With new regulatory interventions and consumer awareness, the payday lending industry is on its wane. A new breed of fintech startups has sprung across the world to fill this #whitespace.4 broad categories can be observed in this segment:⏱ Salary On-demand – This is a fast emerging category. Fintechs in this category are partnering with corporates, HR software providers and payroll systems to enable flexible access to earned wagesSalary Advance – Fintechs in this category provide short-term credit to employees based on their salary and avoid the exorbitant rates charged by erstwhile payday lendersEarly Direct Deposit – A prominent feature largely provided by new-age banks in the US and the UK, enables account holders to receive paychecks up to 2 days in advance from standard payday.Crypto Payroll – This is the newest category which enables firms to make wage payments through multiple crypto-currencies.With financial wellness gaining precedence across organisations, these fintechs are well-poised to serve a generation of a […]
This post is only available to members.

Already a subscriber? Log in to Access

Unlock this blog

Gain exclusive access to this blog alone.

Radar Subscription

Select a membership plan that resonates with your
goals and aspirations.

Not Ready to Subscribe?

Experience a taste of our expert research with a complimentary guest account.

We publish new research regularly. Subscribe to stay updated.
No spam. Only the best in class fintech analysis.



    Related Posts
    2023-Roundup-Cardsuing-Featured-Image
    Premium Research $
    The Chronicles of Cardnia: PSPs Reshape Card Issuance in 2023 Ever tried getting a customised card from a traditional bank?...
    Saudi-OB-Featured-Image
    Complimentary Research
    Symbiosis in Action: Saudi Arabia’s Open Banking Renaissance In the quest to build vibrant, diversified economies beyond the oil horizon,...
    EmFi-Roundup-Instore-Payments-Featured-Image
    Complimentary Research
    Tap to Pay and SoftPOS: Saving Lunch Breaks in 2023! In a world where our smartphones know our coffee orders...
    EmFi-Roundup-Incar-Payments-Featured-Image
    Complimentary Research
    2023-Roundup-Asset-Tokenisation-Featured
    Complimentary Research
    Snazzy Tokens, Real-world Impact: Welcome to Asset Tokenisation! As 2023 dawned, we saw several buzzwords from the crypto universe do...
    EmFi-Roundup-Payments-Featured-Image
    Complimentary Research
    Payment Platforms’ New Side Hustle Remember when payment pros caught the digital payment craze during the pandemic? Well, as the...
    Select Currency
    INR Indian rupee
    WhiteSight Logo

    We're building a platform for all your fintech insights. Get more updates and early access to Radar by joining the waitlist.