From Petsa de Peligro to Petsa de Sigurado?
Filipinos seeking more flexibility in their budget may soon find a solution as the Department of Science and Technology (DOST) supports a startup that provides pay options for employees.
Through Payday Today, an application developed by FinTech (Financial Technology) startup Goodapps, employees can access their wages in advance if needed.
With Payday Today, employees can avail of the Earned Wage Access (EWA) program, allowing them to transfer their money to any bank or e-wallet via the mobile application, which is available on both Android and iOS. The application also supports other transactions such as bill payments, online payments, and subscription services.
Images 1, 2, and 3 are examples of the mobile interface of Payday Today, powered by Fintech GoodAps, a start-up funded by DOST-PCIEERD.
According to Payday Today project leader Caesar T. Michelena their application seeks to address salary delays, which often lead to increased loans among employees. “No more petsa de peligro for the employees with this EWA technology. When their cash runs out, they can get their money anytime while their payday is still a few days away,” he said.
Alongside the mobile application, the project team has developed a web portal for employers and funders. This portal allows them to transfer credits, add users, increase/decrease credits, and release vouchers.
Among their partnered companies are Sun Savings Bank Inc., Bonita Trading Inc., The Pack Solution Inc., ASPAC Bank, Software Alliance Inc., Savoy Hotel Boracay, and Belmont Hotel Boracay.
DOST Secretary Dr. Renato U. Solidum Jr. stated that GoodApps’ program is attuned to the department’s mantra of delivering S&T solutions to improve the lives of the Filipinos. "This project is a testament of our commitment to provide solutions and open opportunities by assisting our workforce become better financial stewards,” he said.
The PayDay Today app was developed through a P3 million funding support of the DOST Philippine Council for Industry, Energy and Emerging Technology Research and Development (DOST-PCIEERD) under its Startup Grant Fund.
DOST PCIEERD Executive Director Dr. Enrico C. Paringit said that the Council will be relentless in its pursuit of ideas and talents that can help the plight of the Filipino people. “As we work towards being the Nexus of Innovation, we welcome fresh solutions to the lasting problems of our citizens,” he said.
