Over 80 per cent of Indians run out of their salary before the month ends. The current inflation and uncertainty continue to add pressure to meet daily financial needs. No access to credit or formal loans, coupled with a poor understanding of financial products, drives many people to take high-interest loans pushing them into vicious debt cycles and financial stress.
Refyne, India’s leading salary on-demand platform, has announced the launch of its services on WhatsApp to provide employees a fast, seamless and convenient way to access their salaries, in real-time. With this, Refyne becomes India’s first financial wellness company to offer salary-on-demand on WhatsApp.
Refyne enables employers to pay salaries to their employees between pay cycles, as they earn it, in real-time. With the launch on Whatsapp, employees can simply avail of their accrued salaries in seconds.
Chitresh Sharma, CEO & CO-Founder, Refyne said “In India, 1 in 3 people live paycheck to paycheck and a significant portion has zero 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 the combination of sensible financial products and technology can be a great enabler in driving financial inclusion. Given Whatsapp’s penetration in India, we feel it is a step in the right direction for making Salary On-Demand accessible to a large number of Indians.”
More and more companies in India are recognizing their role in driving financial wellness for employees and the impact it has on business. Salary On-Demand has enabled several employees to meet their daily needs without expensive payday loans, making them stress-free, motivated, and engaged at the workplace.
Earned Wage Access (EWA) is a financial product that enables employees to access a portion of their earned salary at any time before their payday, with the remainder being paid at the end of the pay period without disrupting the payroll. This helps them to better align their income and expenses, and reduce their need for high-interest credit schemes. Unlike salary-based lending or payday loans, EWA does not involve borrowing on the part of the employee.