Tuesday 23rd March 2021
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Bank of New Zealand and employment solutions provider PaySauce today launched BNZ PayNow, a no interest way for employees to access wages before payday and an alternative to predatory payday loans. BNZ PayNow is a feature within the PaySauce mobile app that allows employees to draw down on funds they’ve already earned, effectively letting them choose their own payday on demand.
BNZ CEO Angela Mentis says, “BNZ PayNow is a real game changer. It protects financially vulnerable workers and provides them an alternative to loan sharks and payday lenders with extortionate interest rates.
“BNZ PayNow means people can get access to their wages before the usual fortnightly or monthly pay run. For many people, this is the difference between paying for staples such as food, clothes and education with their own money over high interest loans between pay cheques,” she says.
PaySauce CEO Asantha Wijeyeratne says this was a passion project for the team. “We’re all so accustomed to convenience and freedom as consumers, but payroll is still operating on an outdated model. It seems obvious that it should be possible for employees to access their own money when they need it, without resorting to exploitative high-interest lenders.
“With the crucial support provided by BNZ, we can provide working Kiwis with financial freedom and autonomy, without placing strain on small businesses. We’re proud to share this ground-breaking feature with the nation’s workforce,” he says.
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