Pronto by PayfareTM helps employers support their workforce with real time access to earnings
TORONTO, Nov. 19, 2024 /CNW/ - Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access ("EWA") company powering instant access to earnings and digital banking solutions for workforces, is proud to announce the launch of its new EWA product, Pronto by PayfareTM. Pronto provides Canadian workers with on-demand access to their earned wages, providing them with financial flexibility to manage income and expenses.
Pronto, built on Payfare's award winning payout platform, allows employees to access a portion of their wages as they earn, rather than waiting for traditional pay cycles. This ensures that employees can manage unexpected expenses, reduce financial stress and have greater control over their financial well-being.
There are over 10 million hourly-paid employees in Canada1 that make up a significant portion of Canada's labour force, especially in industries reliant on shift work or part-time employment. These sectors face challenges in recruiting and retaining skilled workers, where almost half of businesses report difficulties with staff retention2. This underscores the importance of solutions like EWA to support financial flexibility for workers, while helping employers improve workforce stability.
Pronto can have significant benefits for employers, including enhanced employee retention, productivity and overall job satisfaction. Offering modern financial solutions like EWA can be a competitive advantage for employers looking to attract talent in today's tight labour market. Employers across Canada can now integrate Pronto seamlessly into their payroll process.
"We are thrilled to bring our Earned Wage Access product to market," said Marco Margiotta, Payfare CEO and Founding Partner. "EWA empowers employees by giving them greater control over their personal finances, while enabling employers to foster a more satisfied and productive workforce. We believe Pronto will set a new standard in workplace financial wellness across Canada."
1 Statistics Canada. Table 14-10-0222-01 Employment, average hourly and weekly earnings (including overtime), and average weekly hours for the industrial aggregate excluding unclassified businesses, monthly, seasonally adjusted, updated August 2024.
2 Statistics Canada. Analysis on labour challenges in Canada, second quarter of 2023.
About Payfare (TSX:PAY, OTCQX: PYFRF)
Payfare is a leading, international Earned Wage Access company powering instant access to earnings through an award-winning digital banking platform for today's workforce. Payfare partners with leading e-commerce marketplaces, payroll platforms and employers to provide financial security and inclusion for all workers.
Cautionary Statement Regarding Forward Looking Information
Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited, to Payfare's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include, without limitation, the expected benefits to employees and employers from the use of an EWA solution like Pronto by Payfare, the uptake and market adoption of an EWA product like Pronto by Payfare, and Pronto by Payfare setting a new standard in workplace financial wellness across Canada. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information.
Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such risks include the factors discussed from time to time in Payfare's filings with the Canadian Securities Authorities, copies of which can be found under Payfare's profile on the SEDAR+ website at www.sedarplus.ca. In addition, there are risks that market adoption of EWA solutions like Pronto by Payfare may be slow or will take longer than as expected by the Company, economic viability of such a solution may prove to be unprofitable, regulatory uncertainty or constraints in Canada around EWA solutions may hamper the Company's plans in EWA, and competitors who have superior technology or experience may win out certain market opportunities.
Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Payfare undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
