BNZ PayNow Launch
BNZ and PaySauce take aim
at payday lenders
Lower Hutt, New Zealand - 23 March 2021
Bank of New Zealand (BNZ) and employment solutions provider PaySauce
(NZX:PYS) today launched BNZ PayNow, a no interest way for employees to
access wages before payday and an alternative to predatory payday loans.
BNZ PayNow is a feature within the PaySauce mobile app that allows employees
to draw down on funds they’ve already earned, effectively letting them choose
their own payday on demand.
BNZ CEO Angela Mentis says, “BNZ PayNow is a real game changer. It protects
financially vulnerable workers and provides them an alternative to loan sharks
and payday lenders with extortionate interest rates.
“BNZ PayNow means people can get access to their wages before the usual
fortnightly or monthly pay run. For many people, this is the difference between
paying for staples such as food, clothes and education with their own money over
high interest loans between pay cheques,” she says.
Although BNZ PayNow was initially offered on a limited basis via PaySauce’s
mobile app, funding from BNZ addresses cash flow challenges for small
businesses by covering the advance of accrued wages and taking the financial
pressure off employers.
PaySauce CEO Asantha Wijeyeratne says this was a passion project for the team.
“We’re all so accustomed to convenience and freedom as consumers, but payroll
is still operating on an outdated model. It seems obvious that it should be
possible for employees to access their own money when they need it, without
resorting to exploitative high-interest lenders.
“With the crucial support provided by BNZ, we can provide working Kiwis with
financial freedom and autonomy, without placing strain on small businesses.
We’re proud to share this ground-breaking feature with the nation’s workforce,”
he says.
BNZ PayNow is part of BNZ’s efforts to disrupt predatory lending in New Zealand
which includes Good Loans, Habitat for Humanity and The Good Shop. Through
these programmes BNZ has provided more than $9 million in support to
vulnerable people. Good Loans is a partnership between BNZ and Good
Shepherd NZ, that provides no and low interest loans to people who are
financially excluded from appropriate mainstream financial services. Good Loans
is supported by the Ministry of Social Development and delivered by community
partners like the Salvation Army, Aviva and Presbyterian Support Otago, and
offers an alternative to using loan sharks and predatory lenders.
ENDS
ABOUT PAYSAUCE
PaySauce is software at work for people, providing employment solutions to small
and medium-sized businesses. PaySauce enables business owners to pay and
manage employees accurately and efficiently using the web, iOS, and Android
applications. The PaySauce platform includes mobile timesheets, rostering,
payroll calculations, banking integration, PAYE filing, labour costing, automated
general ledger entries and digital employment contracts.
www.paysauce.com
CONTACT
Please direct any media queries to sandra@shinegroup.co.nz
Please direct any investment queries to investor@paysauce.com.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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