Chime is getting into the earned wage access business.
The leading digital bank announced yesterday that it is launching MyPay, a new earned wage access service that will allow customers to access up to $500 of their paycheck before payday.
There are no mandatory fees but if a customer wants to receive the money instantly they will pay $2, otherwise for a one to two day turnaround it will be free.
Chime is not focused on making money on this product; it is designed to increase engagement and usage of the Chime app. “We think it’s a natural extension of what we’ve been good at,” said CEO Chris Britt.
MyPay will be rolled out to users in the coming months and will only be available in certain states.
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> Digital bank Chime debuts advance wage product ahead of anticipated IPO
Chime is launching a new earned wage access product called MyPay, which allows consumers to access as much as $500 of their paychecks before payday.
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