FinTech News
DailyPay Rebrands Debit Card, Plans New Cashback Offer Feature
The earned wage access platform DailyPay has announced a rebrand for its employee debit card offering.
About the updated card and DailyPay:
DailyPay has announced that it will be rebranding its Friday by DailyPay Visa Prepaid Card. Now, the service will simply be known as the DailyPay Visa Prepaid Card. With the card, users will still have the ability to transfer a portion of their earned payroll wages to the card in real time, allowing them to spend their funds wherever Visa is accepted. Users can then monitor their spending as well as their earnings in the DailyPay app.
Along with the rebrand, DailyPay has teased that the DailyPay Card will soon gain cashback offers. Customers will be able to browse a card-linked merchant offer marketplace in the app and accrue cashback on eligible purchases. This new feature is expected to roll out later this autumn.
The DailyPay Visa Prepaid Card will be issued by Bankcorp Bank.
With DailyPay, employers can offer on-demand pay to their employees as well as allow them to track their earnings. For employees, there are no maintenance charges or monthly fees. This includes the ability to access funds via the DailyPay Card without fees.
What they’re saying:
In a short statement, DailyPay’s SVP of Consumer Financial Solutions Jack Rubin said, “The additional features to the new and improved DailyPay Visa Prepaid Card speak to our ongoing commitment to creating meaningful and relevant products to help users on their path to financial security.”
My thoughts:
Although “Friday” is a pretty fun and clever name for a card of this nature, there’s no doubt that the DailyPay Card name is more straightforward. Also, the design of the refreshed card blows the previous look out of the water in my opinion. Of course, both are merely cosmetic as the card will not only retain its core functionality but gain a new feature.
On that note, I am curious to see how robust this merchant cashback marketplace ends up being. While it’s not specified, I wouldn’t be surprised if this feature were powered by Dosh or something similar. In other words, even if there may be some decent offers for cardholders, I suspect they will also be ones that can be found with other products. Then again, I doubt most DailyPay customers will notice as they probably don’t have as many different banking accounts as I do.
Overall, this seems like a no-brainer update that should be beneficial to current and future DailyPay customers.
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