As per the official press release, the mission of Visa+ is to create an interoperable future, where paying across services is as seamless as using any one service, to the benefit both consumers and payment app providers.
All DailyPay users in the US will now have the opportunity to deposit their earned wages, prior to a scheduled payday, directly to Visa+ linked accounts where they can leverage other person-to-person digital payment apps. This is aimed at empowering the DailyPay user to pay bills, spend, invest, or move money to friends and family on their own schedule.
Currently, DailyPay partners with US based employers who offer the financial wellness benefit to their employees. In 2023, DailyPay moved USD 19 billion on its work tech platform, demonstrating that earned wage access has arrived as an essential benefit for the American worker.
About DailyPay and other recent updates
Headquartered in the US, DailyPay uses a technology platform to help US based top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job, while supporting their financial well-being outside of the workplace.
In January 2024, DailyPay
secured USD 175 million to support its expansion and product development efforts. The funding included USD 100 million of expanded secured credit facility capacity from Citi and over USD 75 million in equity financing. The equity financing, led by Carrick Capital Partners and complemented by existing and new investors, values the company at USD 1.75 billion on a pre-money basis. The funds obtained will be used to accelerate DailyPay's ongoing product innovation, facilitate expansion into new markets, and explore adjacent categories. Moreover, according to the company press release, the equity capital raise underscores the company's position in the market and will contribute to its mission of improving the future of pay through its employer-integrated on-demand pay platform.
In September 2023, the
company announced its partnership with Oracle, to be available on the Oracle Cloud Marketplace, a centralised repository of enterprise applications. Customers of Oracle Cloud HCM would be given the possibility to offer improved employee benefits of on-demand pay to their clients, allowing them to access their income in the moment they’ve earned it. By incorporating DailyPay into the Oracle Cloud Marketplace, the customers could pay bills, spend, save, and invest on their own schedule, with an optimised overall control over their earnings.
