More than 80% of Indians exhausted their salary before the end of the month. Current inflation and uncertainty continue to add pressure to meet day-to-day financial needs. Lack of access to credit or formal loans, coupled with a poor understanding of financial products, drives many people to take out high interest loans, pushing them into vicious cycles of debt and financial stress. .
Refyne, India’s leading on-demand salary platform, has announced the launch of its services on WhatsApp to provide employees with a fast, transparent and convenient way to access their salaries, in real time. With this, Refyne becomes the first financial wellness company in India to offer pay-on-demand on WhatsApp.
Refyne allows employers to pay their employees’ salaries between pay cycles, as they are earned, in real time. With the launch on Whatsapp, employees can simply enjoy their accrued salaries within seconds.
Chitresh Sharma, CEO and Co-Founder of Refyne, said, “In India, 1 in 3 people live paycheck to paycheck and a significant portion have no or very limited access to credit. As a result, many are underserved or unserved for reasons ranging from financial literacy to credit data to geographic constraints. We believe that the combination of smart financial products and technology can be a great catalyst to foster financial inclusion. Considering the penetration of Whatsapp in India, we believe this is a step in the right direction to make Salary On-Demand accessible to a large number of Indians.
More and more companies in India are recognizing their role in promoting the financial well-being of employees and the impact this has on business. Salary On-Demand has enabled several employees to meet their daily needs without expensive payday loans, making them less stressed, motivated and engaged in the workplace.
Earned Wage Access (EWA) is a financial product that allows employees to access a portion of their earned wages anytime before their payday, with the remainder paid at the end of the pay period without disrupting payroll. This helps them better align their income and expenses and reduce their need for high interest credit programs. Unlike payday loans or payday loans, EWA does not involve borrowing on the part of the employee.