- Earned wage access (EWA) as a benefit is a strong job recruiting tool as most respondents said it would positively impact their interest in a job offering it. A case in point is Walmart, where 500,000 employees actively use EWA and it’s the third most popular benefit after healthcare and the 401(K).
- Most (77%) EWA users choose to receive their funds instantly or on the same day – reflecting an immediate need to pay an emergency expense such as a car repair or make a needed purchase such as food for dinner.
- Employees tend to pay most of the fees for faster wage access and receive the funds on an employer or vendor-sponsored debit card or bank account, creating a potential conflict of interest should an employee want to switch jobs.
- The market is primarily served by fintechs yet a majority of users would use an EWA service if offered by their bank or credit union.
Michael Moeser is an Austin, Texas-based senior content strategist for Arizent. He has over 25 years of payments and consulting industry experience working in executive roles at Visa, Capital One, … Read full bio