Fintech Nexus E-newsletter (Could 15, 2024): Chime launching an earned wage entry product known as MyPay

Chime is stepping into the earned wage entry enterprise.

The main digital financial institution introduced yesterday that it’s launching MyPay, a brand new earned wage entry service that can permit clients to entry as much as $500 of their paycheck earlier than payday.

There are not any necessary charges but when a buyer desires to obtain the cash immediately they may pay $2, in any other case for a one to 2 day turnaround it will likely be free.

Chime shouldn’t be centered on making a living on this product; it’s designed to extend engagement and utilization of the Chime app. “We predict it’s a pure extension of what we’ve been good at,” stated CEO Chris Britt.

MyPay can be rolled out to customers within the coming months and can solely be accessible in sure states.

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> Digital financial institution Chime debuts advance wage product forward of anticipated IPO

www.reuters.com 

Chime is launching a brand new earned wage entry product known as MyPay, which permits shoppers to entry as a lot as $500 of their paychecks earlier than payday.

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