Chime launching an earned wage access product called MyPay

Chime is getting into the earned wage access business.

The leading digital bank?announced?yesterday that it is launching MyPay, a new earned wage access service that will allow customers to access up to $500 of their paycheck before payday.

There are no mandatory fees but if a customer wants to receive the money instantly they will pay $2, otherwise for a one to two day turnaround it will be free.

Chime is not focused on making money on this product; it is designed to increase engagement and usage of the Chime app. “We think it’s a natural extension of what we’ve been good at,” said CEO Chris Britt.

MyPay will be rolled out to users in the coming months and will only be available in certain states.

Featured

> Digital bank Chime debuts advance wage product ahead of anticipated IPO

www.reuters.com?

Chime is launching a new earned wage access product called MyPay, which allows consumers to access as much as $500 of their paychecks before payday.

From Fintech Nexus

> Financial Health Network study shows circular relationship between financial, mental health

By Tony Zerucha

A new Financial Health Network study shows a circular relationship between financial health and mental health.

Podcast

Caleb Avery, Founder & CEO of Tilled on building a PayFac-as-a-Service

In today’s world of embedded payments any software company (ISV) can generate revenue from payments processing. PayFac-as-a-Service…

?? Listen Now

Webinar

Instant payments orchestration: an essential tool now for lending and factoring

Jun 5, 2pm EDT

In today’s on-demand economy, instant payments are moving from a nice-to-have to a must-have. In the small business space…

?? Register Now

Also Making News

• Global:?Accion’s new $152.5M fund will back financial institutions serving small businesses globally For over six decades, the nonprofit has been active in the financial services sector.

• USA:?Report: Circle to Shift Legal Base to US From Ireland As it prepares to go public, stablecoin issuer Circle is reportedly also planning a move. The company is preparing to transfer its legal base from Ireland to the United States, Bloomberg reported.

• USA:?How a Minnesota bank is jumping into the earned wage access market Stearns Bank in Saint Cloud is working with the on-demand payment technology firm Reset to launch an earned-wage card for blue collar and immigrant families struggling with access to money.

• Europe:?French payments app Lydia launches mobile bank French mobile payments app Lydia has launched a new challenger bank proposition with plans to invest €100 million in the new venture and hire 400 people over the next three years.

• UK:?The fintech still doing big hiring in London is… JPMorgan The team that just added itself to the London skyline is also adding staff.