asukhwani

Congrats on the launch guys. This is a real need!

Indeed! That's why we released a second feature called "Saveflow". It allows employees to take a fraction of their payslip and put it into a virtual piggy bank. We just launched it but utilisation is great!

In fact, only just yesterday, someone asked me “how come Wagestream copied your UX/UI?” ;)

Suppose an employee has a salary of 1,000$ per month. If the employer sets this filter at 50%, the employee can only withdraw up to 500$ on Payflow. Makes sense?

This is one of 100+ players trying to solve this problem. It’s a real problem and lots of us are trying to solve it!

Our average user in Spain withdraws 50$, but their monthly salary is >1,000$. We also regularly survey users to see chat reasons they make withdrawals for.

Our conclusion is users are taking small portions of their salary to cover unexpected expenses.

Users tell us they love this, because otherwise they would have had to ask a friend for money.

jkhdigital is right.

Also, bear in mind that our average user in Spain takes out 50$, whilst their salary is >1,000$. We also regularly survey users to see chat reasons they make withdrawals for. Our conclusion is users are taking small portions of their salary to cover unexpected expense.

It’s so much better than paying for an expensive overdraft!

100 years ago, people were paid just after they worked. There are two reasons why that stopped being the case. Firstly, it’s a lot of work for the company. Secondly, it’s worse for the company’s cash flow. As others have also replied, the first is most significant.

Exactly, the risk is the first big difference. With Payflow, you can never spend more than you have already earned.

The second thing is most blue-collar workers in most countries can’t get credit cards at all.

Thanks a lot for sharing these learnings. We will keep them on our radar. Sure, would be great to chat!

Indeed… We think it’s a better way to get paid and we hope that one day everyone will get paid on-demand (worldwide). Let’s make that happen! ;)

Interesting observation! There are 100+ startups in the world trying to help with on-demand pay! Most of them have a very similar UX/UI.

Indeed! We really like the idea of making the employer pay for it. We think it makes it a better benefit if the employee doesn’t have to pay.

Good point. It would have been more accurate to state that we were surprised at how much people used the app! Over 40% of employees that have access to our app use it! Also, we were surprised by how high user retention is.