Payday Today is a new app by fintech startup Goodapps, backed by the Department of Science and Technology (DOST), that allows employees to get their salary in advance to help them manage their financials better and limit the need for loans.
As explained on its official website, Payday Today is an earned wage access (EWA) program part of the GoodKredit platform. EWA is a service that allows employees to receive their accrued daily wages whenever they want within the pay cycle.
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The app lets employees access their accrued earned daily wage. Employers can also set a fixed amount of allowable funds their employees can request and withdraw.
It also has a Credit Line feature that offers flexible loans to coop members. Payfund is also a feature, a disbursement tool for commission and salary payout.
As per project leader Caesar T. Michelena, the goal is to address salary delays, which usually lead to employees applying for unnecessary loans.
The app is available on both Android and iOS devices and also has a web portal for employers and funders to add members, transfer credits, adjust credits, and release vouchers.
PayDay Today received Php3 million in funding support from the Startup Grant Fund of the DOST Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DOST-PCIEERD).