Revolut has introduced its earned wage product, PayDay, in Ireland following the successful launch in the UK last month.
Payday gives employees access to the wages they have already earned in the month, so they can choose to be paid weekly, bi-weekly or even daily.
The only fee is a flat fee on the employee side of €1.75 when they access their earned wages.
The new feature means that employees can track and instantly access their earned wages at any time in the month.
The rollout of PayDay aims to remove the financial stress many workers face between monthly paydays while improving their financial wellbeing.
It's also hoped that PayDay will reduce the necessity for people to rely on high-cost short term credit products such as payday loans.
The Irish Launch follows a successful UK launch last month, with the EEA and US to follow.
PayDay is being launched in conjunction with Spectrum Life, a leading provider of employee mental health and wellbeing services in Ireland and the UK.
As a launch partner, Spectrum Life will now offer Payday as part of the benefits package it provides to companies such as Accenture, Laya Healthcare, Microsoft and Vodafone.
Revolut’s platform and app will plug into an employer's payroll system, allowing employees to draw down part of their wages earlier in the month.
In terms of practicality, Revolut customers will be able to view their available accrued earnings and select the amount they want to withdraw directly into their main Revolut account, helping employees to instantly access their salaries earlier in the month to cover expenses or necessary costs and avoid getting into debt.
Speaking about the launch of PayDay, Joe Heneghan, CEO of Revolut Europe has said: “We believe in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees’ mental health.
"After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress. It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle.
"We are particularly proud to have worked with Spectrum Life as our Irish launch partner. Their leadership in the employee wellbeing space reinforces what financial health can do for mental health.”
