Dayforce Wallet Surpasses $5 Billion Milestone

Rhea-AI Summary

Dayforce has announced two significant milestones for its on-demand pay solution. The Dayforce Wallet has surpassed $5 billion USD in delivered payments through on-demand pay, early direct deposit, and paycard services. Additionally, the company is introducing new direct to bank capabilities that will allow employees to route their pay to any personal bank account during a pay cycle.

The expansion comes as over 75% of American workers report living paycheck to paycheck. According to a recent SSRS Research Study, 80% of Dayforce Wallet users feel financially empowered through access to on-demand pay. The new direct to bank feature will be available to eligible U.S. employees in Q1 2025, offering options to route funds free to the Dayforce Wallet Mastercard® or instantly to personal bank accounts for a flat fee.

Positive

• Reached $5 billion USD milestone in delivered payments
• 80% of users report feeling financially empowered through the service
• Expanding service with new direct to bank capabilities

Negative

• None.

Insights

Financial Technology Analyst

The milestone of $5 billion in processed on-demand pay through Dayforce Wallet represents significant market penetration in the rapidly growing earned wage access (EWA) sector. The introduction of direct-to-bank capabilities positions Dayforce strategically in the competitive payroll technology landscape. This feature addresses a important market need, particularly given that 75% of American workers live paycheck to paycheck. The Q1 2025 rollout timing allows for proper integration and testing while maintaining competitive positioning. The platform's expansion beyond card-based solutions to include bank account transfers shows strategic adaptation to user preferences and could drive increased adoption rates. The flat-fee structure for bank transfers creates a new revenue stream while maintaining the free card option, demonstrating a balanced approach to monetization.

Market Research Analyst

This development strengthens Dayforce's competitive position in the $12.4B payroll technology market. The $5B milestone in processed payments indicates strong product-market fit and growing user adoption. The timing is particularly strategic as financial wellness benefits become increasingly important for employee retention and satisfaction. The new direct-to-bank feature addresses a key market gap and could accelerate customer acquisition. With 80% of current users reporting improved financial empowerment, the platform demonstrates strong value proposition and potential for continued growth. This expansion could significantly impact Dayforce's market share and revenue growth trajectory in the evolving HCM space.

New direct to bank capabilities allows on-demand pay to personal bank accounts

MINNEAPOLIS and TORONTO, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced two major milestones in the award-winning Dayforce on-demand pay experience, reinforcing Dayforce Wallet’s momentum in market and the value it delivers to employees.

Dayforce Wallet, the company’s flagship on-demand pay solution, has delivered over $5 billion USD through on-demand pay, early direct deposit, and paycard to employees. This achievement highlights the platform’s growing adoption and its critical role in providing employees with greater financial flexibility.

Additionally, Dayforce is expanding on-demand pay with new direct to bank capabilities, enabling employees to route their pay directly to any personal bank account – anytime during a pay cycle – simply and securely. With Dayforce’s differentiated direct to bank capabilities, eligible employees can take charge of their finances in a way that’s easy and tailored to their individual needs.

In today’s challenging economic climate, providing employees with easy access to available pay in between traditional pay periods is more important than ever, particularly as more than three quarters of American workers report they are living paycheck to paycheck. On-demand pay is a powerful financial tool that enables employees to tap into their available pay instantly, and as needed. In fact, 80 percent of Dayforce Wallet users surveyed in a recent SSRS Research Study¹ report feeling financially empowered through access to on-demand pay. 

“As an industry leader, we’re continuously innovating to better address the needs of our customers and their people and truly make work life better,” said Erik Zimmer, EVP Corporate Development and Strategic Ventures, Dayforce, Inc. “Dayforce Wallet has already been a game changing product, and this new direct to bank offering will give individuals another way to access their available pay, expanding our ground-breaking innovation and enhancing the financial empowerment of even more employees.”

Dayforce Wallet’s direct to bank capabilities will enable customers to:

• Expand visibility to available pay: Employees can view their available pay balances from the Dayforce mobile app, which will offer a dynamic snapshot of their earnings every time they log in.
• Empower employees with choice: Employees can select their preferred method of access by routing funds free to the Dayforce Wallet Mastercard®, or instantly to another personal bank account for a flat fee per transaction.
• Provide simple and convenient access: With on-demand pay enabled in the Dayforce mobile app, employees will be able to route available pay with ease using the trusted Dayforce platform.
  

Dayforce’s direct to bank capabilities will be available to eligible U.S. employees in Q1 2025.

Additional information

• Learn more about Dayforce Payroll and Dayforce Wallet.
  

About Dayforce

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding the availability of Dayforce Wallet capabilities, and our expectations, hopes, intentions, or strategies regarding the future or functionalities of direct to bank capabilities are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to the future and are not statements of fact, actual results may differ materially from those projected. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

This press release should be read in conjunction with the risks detailed in the “Cautionary Note Regarding Forward-Looking Statements”, “Forward-Looking Statements”, “Risk Factors”, and other sections of Dayforce’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and other reports we file with the Securities and Exchange Commission. Copies of reports filed with the Securities and Exchange Commission are posted on our website and are available from us without charge. 

Media Contact
Allison Hacker
+1 425-785-8276
allison.hacker@dayforce.com

^{¹ Source: SSRS Research Study on U.S. Dayforce Wallet users conducted on behalf of Dayforce, September 2024.}

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^{Banking services provided by and the Dayforce Wallet Mastercard issued by Green Dot Bank d/b/a/ GO2bank, Member FDIC, pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.} 

^{Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.} 

^{©2024 Green Dot Corporation. GO2bank is a trademark of Green Dot Corporation. All rights reserved. Green Dot Corporation NMLS #914924; Green Dot Bank NMLS #908739.} 

FAQ

When will Dayforce (DAY) launch its direct to bank capabilities for on-demand pay?

Dayforce's direct to bank capabilities will be available to eligible U.S. employees in Q1 2025.

How much has Dayforce Wallet (DAY) delivered in on-demand payments?

Dayforce Wallet has delivered over $5 billion USD through on-demand pay, early direct deposit, and paycard to employees.

What percentage of Dayforce Wallet users feel financially empowered by the service?

According to a recent SSRS Research Study, 80% of Dayforce Wallet users report feeling financially empowered through access to on-demand pay.