The Karma smartphone app has been approved by the Scottish Government and has support from the fintech cluster at the University of Edinburgh's Bayes Centre, the hub for data science and artificial intelligence.
Employers who sign up for the system can offer staff monthly salary advances of GDP 300, which can be spent at the fintech's retailer partners including Tesco, Asda, Morrisons, Waitrose and Amazon. Consumer tests were carried out on Karma, mainly with employers in the west of Scotland. Employees pay no interest or fees and their credit score may improve, according to Karma staff.
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