On-Demand Pay Quickly Becoming a Winner During the Crisis

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