ZayZoon partners with EML and Interchecks to launch its EWA Visa Prepaid Card Program

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KANSAS CITY, Mo.–(BUSINESS WIRE)–EML Payments Limited (ASX: EML) (S&P/ASX 200)with EML FINLABS partner, Interchecks, has partnered with ZayZoon to give employees true flexibility and autonomy to get their earned wages paid on demand.

With the launch of the ZayZoon Visa Prepaid Card Program, employees can easily register for a Visa Prepaid Card in the ZayZoon app and receive their earned salary immediately. Once registered, employees receive a virtual card in seconds and can access their earned salary without waiting for the traditional bi-weekly or monthly paycheck. Account balances, transactions, spending alerts, card lock/unlock and many other features are available in ZayZoon iOS, Android and Web app.

89%* of employees surveyed by ZayZoon reported reduced financial stress by using the ZayZoon solution to access previously earned but unpaid salaries. Additionally, businesses benefit from the hands-off, hassle-free program, including restaurants using the solution, reporting up to an 80%* reduction in employee cash theft.

”We respect our customers and extend our service by giving unbanked customers a way to access their pay in real time at zero cost” Underline Tate Hackert, president of ZayZoon.

“Strategically, EML predicts a massive growth opportunity by helping employees access their earned pay whenever they want. The EML prepaid card solution makes ZayZoon’s already seamless and inexpensive Wages On-Demand product even better by removing early access costs,” Explain Ailie Kofoid, CEO Americas at EML.

ZayZoon’s new prepaid product and digital wallet continues its goal of democratizing the financial well-being of employees across the United States by providing potentially 14 million* underbanked workers with a low-cost option to access their paychecks. With ZayZoon, businesses of all sizes can offer their staff the benefits of on-demand salaries and financial education in minutes, not weeks.

About ZayZoon

ZayZoon is on a mission to improve employee health through the use of responsible financial products. We partner and onboard businesses of all sizes to provide their staff with access to our suite of products, including on-demand salaries, financial education, and personal finance tools. Workers around the world rely on predatory products like payday loans and overdraft fees to bridge the paycheck gap created by predetermined pay cycles – we aim to help break that cycle. ZayZoon’s on-demand access to salaries helps reduce financial stress and improve job satisfaction and productivity.

About EML Payments

EML provides a platform for innovative payment solutions, helping businesses around the world create exceptional customer experiences. Wherever money is in motion, our agile technology can power the payment process, so money can be transferred quickly, easily and securely. We offer industry-leading program management and highly skilled payments expertise to create feature-rich, customizable solutions for businesses, brands and their customers.

Come and discover the many opportunities our platform has to offer by visiting us at: EMLPayments.com

Read more EML stories by visiting our newsroom: https://www.emlpayments.com/newsroom/

*Sources:

ZayZoon’s survey of a sample of 1,000 customers in 2020, where 89.7% of respondents said the platform reduced their financial stress.

A major customer informed ZayZoon on April 12, 2021 that there had been an 80% reduction in cash theft within the company.

Next Advisor, June 4, 2021 https://time.com/nextadvisor/banking/what-to-know-if-you-are-unbanked/

The ZayZoon Visa Prepaid Card is issued by MetaBank®, National Association, Member FDIC, pursuant to license by Visa USA Inc.


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