Fintech makes any day payday for cash-strapped consumers

Waiting for your paycheck is so 2010. A wave of fintech companies is changing the traditional pay cycle, allowing people to tap into money earned before the next payday. It’s another example of how money management and movement are transforming, driven by advances in technology, a shifting economy and changing consumer expectations.

How people get paid is changing in step with changes in how many people work. As part of the gig economy, independent workers connect directly to customers through platforms like Uber, Airbnb and Etsy. A growing number of people earn money from other short-term engagements, freelance work and on-demand roles. No matter the job, including traditional employment, workers crave greater flexibility and fewer constraints than ever before.

And many of them need it. While nearly two-thirds of Americans are paid biweekly, sometimes waiting for the next paycheck is problematic, whatever a person’s income. Half of millennials (and 38 percent of all consumers) say it would be difficult or even impossible for them to pay back a loan of $500 right now, according to recent Fiserv research.


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