Cebu-based startup creates app to fix wage delays
CEBU-BASED financial technology startup GoodApps, Inc. got more than P3 million in funding support from the Department of Science and Technology (DoST) for its Payday Today app, which aims to address salary delays.
The app allows employees to avail themselves of the so-called earned wage access (EWA) program, a benefit service that democratizes payroll by letting employees choose when they want to get paid of their accrued daily wages before the end of the pay cycle.
The app allows workers to transfer their money to any bank or e-wallet via the mobile app, which is available on both Android and iOS.
Payday Today, which offers zero cost for companies and zero interest for employees, has had more than 100,000 downloads on the Google Play app.
“No more petsa de peligro for employees with this earned wage access technology,” Caesar T. Michelena, Payday Today project leader, said in a statement released by the DoST-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) last week.
“When their cash runs out, they can get their money anytime while their payday is still a few days away,” he added.
Mr. Michelena said the app aims to address salary delays, which force some workers to apply for high-interest loans.
EWA gives employees access to their earned pay before the scheduled payday. GoodApps charges a P50 fixed fee for every transaction on its app, according to the PCIEERD.
DoST-PCIEERD said Payday Today supports other transactions such as bill payments, online payments and subscription services.
It added that the project team also developed a web portal for employers and funders, allowing them to transfer credit, add users, increase or decrease credits and release vouchers.
Among the partner-companies are Sun Savings Bank, Inc., Bonita Trading, Inc., The Pack Solution, Inc., ASPAC Bank, Software Alliance, Inc., Savoy Hotel Boracay and Belmont Hotel Boracay.
The app was developed with funds from the DoST-PCIEERD under its Startup Grant Fund.
Science and Technology Secretary Renato U. Solidum, Jr. said the startup’s app is in line with the agency’s mantra of delivering solutions to improve Filipinos’ lives.
“This project is a testament to our commitment to provide solutions and open opportunities by assisting our workforce become better financial stewards,” he said in the statement.
DoST-PCIEERD Executive Director Dr. Enrico C. Paringit said the Council would be “relentless” in pursuing ideas and talents that can help the plight of Filipinos.
“As we work towards being the Nexus of Innovation, we welcome fresh solutions to the lasting problems of our citizens,” he added. — Aubrey Rose A. Inosante