Is earned wage access ushering in a new era of payroll management? – By Karan Bhasin (Techcrunch) / Sept 13, 2022
Payroll is one area of business that’s been ripe for innovation and disruption for a while now. On the surface, it may not look like something that really requires any major changes. After all, it’s worked well enough so far: You work your hours and you get paid every fortnight or month. The machines kept ticking without a lot of complaints despite the current system not being entirely ideal for the large part of the population that lives paycheck to paycheck.
Earned wage access promises to be the shakeup that the payroll system has perhaps required for a while now. The premise is simple: EWA providers posit that the workforce should be paid on demand, and a good portion of the workforce agrees with that.
To find out just how well the industry has embraced this payroll model and the startups championing it, we spoke to three investors, and they painted a picture of a fast-growing industry that’s still trying to find its footing.
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