We’re excited to announce that we launched “Earned Wage Access” as a new tag for our “Recurring Income” endpoint! Earned wage access (EWA) is a financial service offered to employees giving access to some of their accrued wages before their regular payday.
Some Key Findings
- We observed 6.89% month-over-month growth of EWA transactions over the past year
- Average EWA dollar amount: $155.33
- The most common EWA companies:
- Close to 3% of the users in our database use EWA products.
Why this matters
- Identifying Earned Wage Access deposits are critical to understanding the complete picture of a person’s income.
- If EWA is not factored in, a person’s recurring income might look lower than it actually is, impacting lending decisions and other personalized financial tools
- EWA is a fast growing trend. We have seen 97.6% YoY growth in EWA deposits and expect this trend to continue as more companies adopt this service
You can find the documentation here – https://docs.pave.dev/insights/recurring_income