To develop the financial status of low-income South Africans, fintech startups like Paymenow emerged to resolve the financial crisis by allowing them not to resort to debt. What Paymenow has been designed to do is to allow low-income earners access to their wages sees before payday, hence helping them avoid costly debt periodically. In this article, an introduction to Paymenow, the Paymenow app, Paymenow stimulus check, and reviews will be shared.
Introduction on Pay Me Now.
Paymenow has observed the “over-indebted” situation of South Africans, especially the low-income earners. Now, the fintech startup company has come to the rescue of South Africans to infuse financial wellness and develop their financial status, moderately, at least.
Paymenow is a financial service platform based in South Africa to help employees, especially the low-income earners have early access to already earned wages.
Basically, Paymenow aims to empower its user, i.e, employees on how to eradicate indebtedness, totally broken financial situations, and poverty, and help accelerate financial status by helping them become investors and reaching financial goals. In other words, the financial service platform is aimed at revolutionizing easy “access to liquidity without compromising financial health.”
According to an article written by Malika Anand on Catalyst Fund, June 23, 2020, most South Africans, about 86-90% have outstanding debt and 44% have damaged credit histories. That is to say that most South Africans, especially the blacks were in a most awkward financial situation before the problem-solving Paymenow financial wellness app came into play. Debt was the financial saving resort.
What is the impact and innovation of Paymenow?
Studies have reported that borrowing has been infused into the daily financial habit of many South Africans. On payday, they spend the bulk of their incomes about 77.8% repaying back debts acquired, which threatens the financial health of households.
In fact, the employed still go to borrow for mortgage payment, further educated, investment (less people), and most vulnerably, to buy daily food.
The impact of Paymenow is to allow people to access their earnings before month end. It gives employees the opportunity to make essential purchases, and meet their daily financial needs without relying on or resorting to debt. In other words, Paymenow has emerged to cure the disease of indebtedness ravaging among low-income South Africans.
As said before, Paymenow is revolutionizing easy access to liquidity without compromising financial health. This has been made possible from the innovative ideas of the creators.
Paymenow has partnered with employers and can now offer a percentage, usually half of their already-earned salary. These ease of access to salary will be directly deducted from their monthly paychecks.
The Paymenow app has been programmed to be accessible on smartphone by its users. Also, it has been designed to be user-friendly. Employers and employees have the access to create an account and keep a pay record for employees access to liquidity.
With the Paymenow app, companies allow their employees access their pay all the time. However, it allows users (employees) to see how much is being withdrawn and how it affects their pay day.
Also, the app has enabled users to expand their financial skills.
In addition, employees can also use the Paymenow app to fund a Shoprite Money Market Account. This works as a virtual wallet and can be redeemed at Shoprite and be used to buy groceries and wear, as well as other items.
Paymenow as a financial service has been perceived as a perfect app for employees, excellently satisfactory, and received many positive reviews from users across its social media pages. In this section, some of the positive reviews from its Facebook page will be shared.
On Facebook, Paymenow was rated 5 of 5 and has been recommended by its users.
Here are some of the reviews on the Facebook page:
Paul Manyoni: Awesome app. I’ve learned a lot about managing my money better.
Trish Bacela: Paymenow has helped me in so many ways. The support team is good too.
Bethany Anne Le Roux: Exceptional employee benefit.
Cynthia Jacobs: Awesome technical support and very easy to use.
Alina Richards: Thank you for your incredible services. Paymenow has helped me in so many ways
Darren Olwetho: A very safe and secure app and easy to use. Thank you Paymenow app for giving us employees a much-needed tool to not only access our earned wages but to also help us better manage our finances. I’ve learned so much.
Christine Pretorius: Innovation at its best— a true business for good initiative.