Wagepay: the new ‘buy now, pay later’ product for everything you can’t buy now, pay later
Wagepay is the latest fintech startup that offers an innovative wage advance service to Australian users who don’t want to or can’t wait for their pay. The wage-on-demand product allows employed applicants to borrow a portion of their pay from their already-earned money, before payday. Unlike competing products in this space, Wagepay has a focus on employed Australians.
Wagepay charges a 5% fee and is an alternative option to bank overdraft fees, payday loans and credit cards. Users can access up to $500 or 25% of their earned wage and, once signed up, can receive their wage in seconds. It can be compared with a ‘buy now, pay later’ solution, but instead users access their own wages to spend on whatever they want.
On average, registration takes less than 3 minutes to complete and most customers have their wage advance in under 60 seconds from signing their contract. Credit scores are not considered in the assessment process and an applicants’ credit report will not be affected by using the service.
Infrarisk, a fintech solutions provider based out of Melbourne that specialises in fully automated digital lending platforms and risk management, launched the wage advance platform for Wagepay in under 8 weeks. Using Infrarisk’s big-data enhanced credit risk management technology, the registration process verifies the current income and spending habits of each applicant, thereby ensuring that all information provided is correct and accurate.
Tony Chan, Founder and CEO of Wagepay, has been extremely pleased with the success the new up-and-comer has seen in their short period of operation.
“Since launch, we have been able to assist thousands of Australians by giving them real-time access to their pay. By using banking data and other alternative data sources, we are able to determine with a high degree of confidence whether our service is suitable for the user,” says Mr Chan.
Wagepay is changing the way that people access their earned wages. In line with their mission of providing convenience and financial wellbeing, Wagepay has created an AI engine that is close to being deployed to help customers manage their finances better.
