Payactiv, San Jose, California: Payactiv's employer-offered benefit program

Company: Payactiv, San Jose, CA
Company Description: Payactiv is the originator and leading Earned Wage Access (EWA) provider. Founded in 2012 by Safwan Shah, Ijaz Anwar, and Sohail Aslam, we provide EWA to over 1,400 businesses across the U.S. Payactiv is the only EWA provider-certified B-Corp and ranks in the top 5% of thousands of certified B Corporations worldwide.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Corporate Social Responsibility Program of the Year - At Organizations With Up to 100 Employees

Nomination Title: Payactiv's employer-offered benefit program

Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2021, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):

Total 115 words used.

Payactiv offers a comprehensive suite of financial wellness tools tailored to meet the diverse needs of our users. Our platform provides Earned Wage Access (EWA), bill payment, savings options, and exclusive discounts.

As a leading provider and pioneer of Earned Wage Access (EWA), Payactiv's employer-offered benefit program allows employees to access a portion of their earned but unpaid wages before their scheduled payday, avoiding high-cost lending options.

Established in 2012, Payactiv provides proven solutions to relieve financial stress, particularly for essential workers living paycheck-to-paycheck. As a Certified B-Corp and Public Benefit Corporation, we support over one million users and 1,700 businesses, ranking in the top 5% of B Corporations worldwide for two consecutive years.
If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2021 that you wish to bring to the judges' attention (up to 250 words):

Total 160 words used.

The years 2021 and 2022 were critical for Payactiv as a company. During this time, we received several accolades for our innovative digital wallet and maintained our ranking among the top 5% of B Corporations worldwide for the second consecutive year.

Despite the challenges of the global pandemic and an unstable economy, we doubled our user base year-over-year. However, our most significant accomplishment came in the summer of 2022 when we elected to eliminate the $1 fee associated with 1-3 day ACH transfers, one of our most popular transaction methods.

While making several options free may seem counterintuitive, putting our users' needs first and establishing industry norms of pricing transparency is more important than profiting from their financial needs. At Payactiv, we believe our users' wages belong to them. No one should have to pay exorbitant fees to access their hard-earned money. In 2022, Payactiv users transferred nearly four million dollars of their wages to their bank accounts for free.
If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):

Total 248 words used.

Compared to its competitors, who charge higher fees for similar services, Payactiv challenges the on-demand pay industry to adopt a different approach. While offering two-thirds of its access options for free, Payactiv's decision puts money back in the pockets of those who need it most.

By the end of 2022, Payactiv had transferred four million dollars to users' bank accounts for free. Without our services, users would have had to wait for this money or resort to high-interest payday loans. However, Payactiv's Earned Wage Access service saved users an average of 16 million in payday loan interest (based on a 400 percent average). This is particularly significant given that the U.S. Payday Loan market was worth over 17 billion dollars in 2022, marking a 10% increase from the previous year.

Payactiv's services have a positive impact on its users' financial wellness. A 2021 Payactiv survey called “The Livelihood Index” found that 65% reported feeling more in control of their finances with Payactiv, and 62% experienced decreased financial stress. In 2022 alone, Payactiv's SmartSave feature helped 350 users save nearly $28,000, an average of $80 per user. The most common savings goal in 2022 was an emergency fund.

Payactiv's mission of closing the livelihood gap and promoting financial wellness aligns with many companies' broader social responsibility goals today. By partnering with Payactiv, conscious employers demonstrate their commitment to supporting the financial well-being of their employees and contribute to creating a more equitable and just society for all.
You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 76 words used.

Sources:

Attachments/Videos/Links:

Payactiv's employer-offered benefit program
	payactiv.com/about/

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Payactiv, San Jose, California: Payactiv's employer-offered benefit program