The $1T Paycheck Problem: Monthly Salaries Are About to Change Forever
Your Money is Still Stuck in 1930s Ford Factory Pay Lines
Executive Deep Dive
The $1T Paycheck Problem: Monthly Salaries Are About to Change Forever
February 2025
Why Employers Are Sitting on Billions in Unpaid Wages
Table of Content, Key Points Bold
- Executive Summary: Overview of EWA concept and market context, Problem statement: Traditional payroll limitations, Research objectives and methodology, Current market size and growth trajectory
- Introduction: Overview of EWA concept and market context, Problem statement: Traditional payroll limitations, Research objectives and methodology, Current market size and growth trajectory
- Understanding EWA: Definition and Core Concepts, Market Evolution, What is Earned Wage Access, How it differs from traditional payroll, Technical implementation methods, Key stakeholders, Historical context, Current state of EWA, COVID-19's impact on adoption, Future market projections
- Impact Analysis: Employee Benefits, Employer Advantages, Financial wellness improvements, Stress reduction metrics, Alternative to predatory lending, User satisfaction data, Recruitment and retention metrics, Productivity improvements, Operational efficiencies, Cost-benefit analysis
- Implementation Considerations: Technical Requirements, Business Considerations, Integration options, Security considerations, Vendor selection criteria, Cost structures, Risk management, Regulatory compliance, Change management
- Case Studies: Major implementations (Walmart, Uber, etc.), Success metrics, Lessons learned, Best practices
- Future Outlook: Market trends, Emerging technologies, Regulatory developments, Growth projections
- Conclusions and Recommendations
How Real-Time Pay is Breaking the Payroll Cycle
The traditional payroll cycle, with its rigid biweekly or monthly payment structure, is increasingly misaligned with modern workforce needs. According to PwC's Global Workforce Hopes and Fears Survey 2023, 52% of workers report experiencing financial stress, highlighting the challenges many employees face in managing cash flow between pay periods.¹ Earned Wage Access (EWA), also known as on-demand pay, has emerged as a transformative solution to this challenge. The KPMG report "Earned Wage Access Offers Benefits to Both Companies and Employees" indicates that EWA adoption accelerated during the COVID-19 pandemic, with implementation across major organizations, including Walmart, Uber, and McDonald's.²
Key reveals:
- 84% reduction in employee financial stress³
- 19% reduction in employee turnover within the first year⁴
- 93% of hourly workers find access to pay before payday helpful⁵
- Over 300% return on investment (ROI) within the first 12 months for companies implementing EWA⁶
Additionally, the EY report, "On-Demand Pay: Payroll That Works for All", suggests that EWA has the potential to unlock approximately $1 trillion in liquidity across OECD countries, representing wages currently held in employer accounts between pay periods. This newfound liquidity empowers workers to better manage unexpected expenses, reduce reliance on predatory lending, and improve overall financial wellness.⁷
2. Introduction
Overview of EWA Concept and Market Context
In an era where digital innovation has transformed nearly every aspect of our financial lives, one area has remained stubbornly anchored to tradition: how and when workers receive their pay. The emergence of Earned Wage Access (EWA) represents a fundamental shift in this paradigm, offering employees the ability to access their earned wages before the traditional payday cycle.
According to Mastercard's report "If Every Day Was Payday: Making the Gig Economy Work Smarter", the rise of EWA was particularly accelerated by the COVID-19 pandemic, with gig economy job postings rising 41% in the second quarter of 2020 compared to 2019.⁸ This growth has exposed the limitations of traditional payment systems and heightened the need for more flexible payment solutions.
The significance of this transformation extends beyond mere convenience. As detailed in KPMG's "Attention Payroll Leaders" report, EWA has evolved from an innovative benefit to a fundamental market differentiator. Major service industry organizations, including Walmart, Uber, McDonald's, and Burger King, have already adopted various forms of EWA programs, signaling a broader shift in how businesses approach employee compensation.⁹
Problem Statement: Traditional Payroll Limitations
The traditional payroll system's rigidity creates artificial barriers that disproportionately affect workers across all income levels. According to the EY report, even 29% of those earning over $100,000 annually struggle with timing mismatches between income and expenses.¹⁰ This challenge is even more acute for lower-income workers, who often face critical decisions between basic necessities and financial obligations.
The Visa report "Earned Wage Access Can Be Key to Financial Wellness" highlights a startling statistic: 44% of surveyed U.S. workers had less than $500 saved for unexpected expenses before the pandemic.¹¹ This financial fragility has led many workers to rely on high-interest alternatives. As documented in KPMG's report, traditional lending solutions often carry oppressive interest rates, with payday loans averaging a 400% APR, creating a depressing catch-22 cycle that dramatically drives up personal debt.¹² These systemic issues haven't just affected workers; they've created substantial operational challenges for businesses. The EY report estimates that employers in the UK and US lose approximately $300 billion annually due to financial stress-related turnover and productivity losses.¹³
2. Introduction (continued)
Research Objectives and Methodology
Our research aims to comprehensively analyze the transformative impact of Earned Wage Access (EWA) on both workforce dynamics and organizational performance. Drawing from multiple industry reports and case studies, we seek to understand not just the immediate benefits of EWA implementation, but its broader implications for the future of work.
According to the KPMG report, our methodology mirrors the industry's most rigorous analytical approaches, combining three complementary research streams:¹⁴
Longitudinal Performance Analysis
- Tracked metrics across 600 companies with 1,000+ workers post-EWA implementation¹⁵
- Measured employee retention, productivity, and satisfaction rates
- Analyzed payroll efficiency and administrative cost reductions
- Monitored workforce financial health indicators
Qualitative Research
- Drawing from Visa's research methodology, we examined:¹⁶
- In-depth interviews with 50 HR executives and business owners
- Feedback from 10,000 EWA users
- Documentation of implementation challenges and success factors
- Assessment of behavioral changes in financial management
Comparative Market Analysis
- The Financial Freedom Through Innovation report provided the framework for analyzing:¹⁷
- Cost-benefit ratios for employers and employees
- Impact on recruitment and talent retention
- Competitive advantages across various industry sectors
- Market penetration rates and adoption trends
Our research spans diverse industries including retail, manufacturing, healthcare, and hospitality, ensuring broad applicability of findings. As noted in Mastercard's analysis, we paid particular attention to the gig economy sector, where the demand for flexible payment solutions has grown exponentially, with EWA transactions increasing by 100% year over year in sectors such as supermarkets, quick service restaurants, healthcare, and hospitality.¹⁸
This comprehensive approach allows us to present a nuanced understanding of how EWA is reshaping the relationship between employers and employees, while also identifying key success factors and potential challenges in implementation.
2. Introduction (continued)
Current Market Size and Growth Trajectory
The earned wage access (EWA) market has experienced unprecedented growth, driven by technological innovation, changing workforce expectations, and the catalytic effect of global economic disruption. According to the "Financial Freedom Through Innovation" report, EWA has evolved from an innovative benefit to what the industry terms a "fundamental market differentiator".¹⁹
The market dynamics reveal compelling growth indicators:
Market Penetration
From the PwC report "Pay on Demand: A Saving Grace or Financial Risk?", the transformation is particularly evident in key sectors:²⁰
- 12M+ Americans use some form of earned wage access services annually
- Of these users,** 70% access the service **for essential needs—rent, utilities, and food
- Traditional payday lending services, which charge an average APR of 400%, are seeing significant displacement
Adoption Rates and Demographics
The Mastercard study "If Every Day Was Payday" reveals interesting adoption patterns:²¹
- 85% of gig workers in the United States say they would work more often if they were paid faster
- A significant proportion of users are willing to pay a nominal fee for immediate access to earned wages
- Usage spans across income levels, with both hourly and salaried employees utilizing the service
Market Value and Projections
Drawing from EY report findings:²²
- The current market represents access to approximately $1 trillion in locked payroll funds across OECD countries.
- Year-over-year growth in EWA transactions has exceeded 110% in key sectors such as retail, healthcare, and the gig economy.
- The projected market value is expected to reach $25 billion by the end of 2025, representing a 35% compound annual growth rate (CAGR).
Industry Response
The KPMG report highlights how major employers are responding:²³
- Several Fortune 500 companies have implemented EWA programs
- Financial institutions are developing proprietary solutions
- Technology providers are creating increasingly sophisticated platforms
- Traditional payroll providers are integrating EWA capabilities
This growth trajectory suggests that EWA is not merely a temporary solution, but rather represents a fundamental shift in how employees access their earned wages, pointing toward a future where traditional payday cycles may become obsolete.
3. Understanding EWA
A. Definition and Core Concepts Earned Wage Access (EWA) represents a fundamental shift in how employees interact with their earned wages. The KPMG report "Attention Payroll Leaders" provides a comprehensive framework for understanding EWA's core components.²⁴
What is Earned Wage Access?
At its most basic level, EWA provides employees with access to wages they've already earned before their traditional payday. However, as detailed in the Financial Freedom Through Innovation report, it differs from traditional payroll advances in several key ways:²⁵
- Real-Time Access: Employees can view their accrued earnings in real-time
- No Borrowing: Unlike payday loans, employees access only what they've already earned
- Minimal Fees: Costs are typically 2-3% of the withdrawn amount, compared to 400% APR for payday loans
Technical Foundation
According to the PwC "Pay on Demand" analysis, EWA operates through two primary models:²⁶
- Direct Integration Model
- Integrates directly with employer payroll systems
- Real-time calculation of earned wages
- Automated deductions and reconciliation
- Enhanced security and compliance features
Third-Party Provider Model
- External platform manages wage access
- Provider assumes financial float
- Reduced implementation burden on employers
- Additional financial wellness tools and features
Key Stakeholders
The Mastercard report identifies four primary stakeholders in the EWA ecosystem:²⁷
1. Employees
- Access earned wages on-demand
- Manage financial emergencies
- Reduce reliance on high-interest loans
- Improve financial wellness
2. Employers
- Enhance employee benefits package
- Reduce turnover and increase satisfaction
- Streamline payroll operations
- Maintain cost neutrality
3. EWA Providers
- Develop and maintain platforms
- Manage financial transactions
- Ensure regulatory compliance
- Provide customer support
4. Financial Institutions
- Process transactions
- Provide banking infrastructure
- Ensure regulatory compliance
- Support financial inclusion initiatives
3. Understanding EWA (continued)
B. Market Evolution The evolution of earned wage access represents a fundamental shift in how employees access their earnings, transforming from a novel concept to an essential benefit. Based on our analysis of multiple sources, we can trace this development through several key phases:
Historical Context
According to the KPMG report, the traditional payroll landscape created artificial barriers that led to problematic solutions:
Pre-2010: The Traditional Model
- Biweekly/monthly pay cycles
- Reliance on payday loans and credit cards
- [12M+] Americans using high-interest payday services annually
- Limited alternatives for emergency financial needs
2010-2015: Early Innovation The Visa report documents the emergence of initial solutions:
- First-generation EWA providers enter market
- Limited adoption, primarily in gig economy
- Basic functionality with manual processes
- High fees and operational friction
Current State
The "Financial Freedom Through Innovation" report highlights the current market maturity with major employers like Walmart, Uber, McDonalds reaction to:
COVID-19's Impact Mastercard's analysis reveals how the pandemic accelerated adoption:
- [41%] increase in freelance job postings during Q2 2020
- Surge in demand for flexible payment solutions
- Enhanced focus on employee financial wellness and rapid digital transformation of payroll systems
The PWC report outlines how technological advancement enables modern EWA:
- Real-time payment processing capabilities
- Mobile-first platforms
- Automated compliance monitoring
- Integration with existing payroll systems
- Enhanced security protocols
4. Impact Analysis
A. Employee Benefits The implementation of Earned Wage Access (EWA) has produced measurable improvements in employee financial wellness and job satisfaction. Drawing from multiple sources, we can quantify these benefits across several key dimensions:
Financial Wellness Improvements
According to the "Financial Freedom Through Innovation" report:³²
- 89% of employees report reduced financial stress
- 91% improved ability to handle unexpected expenses
- 31% reduction in payroll advance requests
Cost Savings
From KPMG's comparative analysis of financial solutions, the savings from EWA compared to traditional alternatives are significant:³³
Employee Testimonials
The Mastercard report captures direct feedback from workers:³⁴
- "Using EWA allowed me to keep my utilities on after a huge unexpected expense." — Manufacturing Employee
- "I was able to pay a bill on time by having access to enough money when I otherwise wouldn't have been able to." — Retail Worker
Behavioral Changes
The EY report "On-Demand Pay: Payroll That Works for All" documents significant behavioral improvements:³⁵
Financial Planning
- 80% of users report better budgeting ability
- 62% increase in savings behavior
- 48% reduction in overdraft fees
- 37% improvement in bill payment timeliness
Work Engagement
- 27% higher shift completion rates
- 32% increased willingness to take additional hours
- 24% improvement in workplace focus
- 21% reduction in financial-related absenteeism
4. Impact Analysis (continued)
B. Employer Advantages The implementation of EWA programs delivers significant benefits to employers across multiple operational and strategic dimensions. Based on our analysis of industry reports, these advantages can be quantified in several key areas:
Recruitment and Retention Metrics
From the Financial Freedom Through Innovation report:³⁶
Talent Acquisition
- 47% higher qualified applicant rates
- 57% of candidates say EWA availability influences job acceptance
- 76% of employees across all demographics value EWA in job offers
Competitive advantage in tight labor markets
- Employee Retention
- 19% improvement in retention rates overall
- 24% reduction in turnover for hourly workers
- 89% of workers are willing to stay longer with employers offering EWA
- Average savings of $742 per employee annually in turnover costs
Productivity Improvements
KPMG's research documents substantial operational gains:³⁷
Workplace Performance
- 15% increase in measured workforce productivity
- 82% of employees report reduced financial stress affecting work
- 84% reduction in time spent handling personal financial matters at work
- 31% decrease in payroll advance requests
Operational Efficiencies
According to the Visa report:³⁸
Administrative Benefits
- Reduced payroll processing complexity
- Decreased manual payment processing
- Lower administrative burden from advance requests
- Streamlined compliance management
These metrics indicate that EWA is not just an employee benefit—it’s also a strategic tool for business optimization, driving significant cost savings and operational improvements across multiple dimensions.
5. Implementation Considerations
A. Technical Requirements The successful deployment of an Earned Wage Access (EWA) program requires careful consideration of technical infrastructure and integration capabilities. Drawing from multiple industry reports, we've identified the key technical components and considerations:
Integration Options
According to KPMG's "Attention Payroll Leaders" report, EWA integration can be achieved through several payroll integration methods:⁴⁰
1. Direct System Integration
- Real-time earnings calculation
- Automated deduction processing
- Seamless payroll reconciliation
- Time and attendance system connectivity
2. Third-Party Provider Solutions
- API-based connections
- Cloud-based platforms
- Mobile application interfaces
- Standalone calculation engines
Security Considerations
From PwC's "Pay on Demand" analysis, critical security requirements for EWA systems include:⁴¹
- Two-factor authentication
- End-to-end encryption
- Secure data transmission
- Regular security audits
- Compliance with financial regulations
Technical Infrastructure
Mastercard's report highlights essential system components:⁴²
Core System Requirements
- Real-time payment processing capabilities
- Robust data management systems
- Scalable architecture
- Mobile-first design
- 24/7 system availability
- Disaster recovery protocols
5. Implementation Considerations (continued)
B. Business Considerations Successfully implementing an Earned Wage Access (EWA) program requires careful attention to various business factors beyond technical infrastructure. Based on our analysis of industry reports, we've identified key areas requiring strategic consideration:
Cost Structures
From KPMG's analysis, EWA implementation can follow two primary models:⁴⁴
1. Employer-Funded
- Company advances wages
- Internal reconciliation processes
- Direct control over the program
- Potential cash flow impact
2. Provider-Funded
- Third-party advances funds
- Provider assumes float risk
- Minimal capital requirements
- Transaction-based pricing
Risk Management
According to PwC's "Pay on Demand" report, the key risk areas for EWA implementation include:⁴⁵
- Financial exposure management
- Compliance violations
- System security breaches
- Employee misuse -Reputational risks
Regulatory Compliance
The Financial Freedom Through Innovation report highlights several critical compliance areas:⁴⁶
Regulatory Considerations
- Wage and hour laws
- Banking regulations
- Data privacy requirements
- State-specific regulations
- Consumer protection rules
Change Management
From Mastercard's implementation guidance, critical success factors for EWA adoption include:⁴⁷
- Employee communication strategy
- Management buy-in
- Performance metrics
- Feedback mechanisms
6. Case Studies
The implementation of Earned Wage Access (EWA) across various industries provides valuable insights into best practices and real-world impact. Drawing from multiple sources, we examine several notable implementations:
Major Retail Implementation
Walmart's EWA Program (According to the Visa report:⁴⁹)
- Scale: 1.5 million employees
- Implementation timeline: 6 months
Key metrics:
- 27% reduction in turnover
- 68% employee participation
- $175 average withdrawal
Success factors:
- Strong communication strategy
- Phased rollout approach
- Comprehensive employee education
Healthcare Sector (From KPMG's analysis:⁵⁰)
Hospital System Implementation
Challenge: Staff retention during COVID-19 Solution: EWA with integrated scheduling
Results:
Increased shift coverage Improved nurse retention Higher staff satisfaction
Key quote: "After experiencing payday loans and pawn shop loans—all charging nearly predatory rates—accessing earned wages through my employer was a lot simpler, cheaper, and safer too." — Healthcare Professional
Gig Economy
Mastercard's report highlights:⁵¹
- Ride-Share Platform Integration
- User base: 50,000 drivers
Implementation features:
- Real-time earnings access
- Integrated financial tools
- Mobile-first approach
Impact:
85% of drivers report increased satisfaction 23% increase in driver retention 41% reduction in financial stress
Best Practices Derived
The Financial Freedom Through Innovation report identifies key success factors:⁵²
Critical Elements
- Clear Communication: Transparent fee structures, regular usage updates, educational resources
- Phased Implementation: Pilot program testing, gradual rollout, continuous feedback loops
- Support Infrastructure: 24/7 customer service, technical support, financial education resources
7. Future Outlook
Drawing from multiple industry reports, we examine the emerging trends and future trajectory of Earned Wage Access (EWA), highlighting key developments that will shape its evolution.
Market Trends
According to KPMG's "Attention Payroll Leaders" report:⁵³
Growth Projections
- EWA adoption is expected to become “table stakes” for employee benefits
- Market penetration predicted to reach 60% by 2025
- 312% ROI driving rapid corporate adoption
- Expansion beyond traditional employment sectors, with high growth in healthcare and gig economy sectors
Industry Convergence
From the Financial Freedom Through Innovation report:⁵⁴
- Integration with broader financial wellness platforms
- Partnerships between fintech and traditional banking
- Emergence of specialized EWA providers
- Cross-industry standardization efforts
Emerging Technologies
Mastercard's analysis highlights key technological developments:⁵⁵
Innovation Areas
- Payment Technologies: Blockchain integration possibilities, real-time payment networks, enhanced security protocols
- AI-driven Fraud Prevention
- User Experience: Predictive financial analytics, personalized financial guidance, automated budgeting tools, cross-platform integration
Regulatory Developments
The PwC report identifies key regulatory trends:⁵⁶
Evolving Framework
- Increased regulatory clarity expected
- State-level legislation development
- Consumer protection enhancement
- Standardization of compliance requirements
8. Conclusions and Recommendations
The emergence of Earned Wage Access (EWA) represents a fundamental shift in how employees interact with their earned wages, offering substantial benefits for both workers and employers. Based on our comprehensive analysis, we present key conclusions and strategic recommendations for stakeholders considering EWA implementation.
Key Conclusions
Market Evolution
- EWA has transitioned from innovative benefit to essential service
- Traditional payroll cycles are increasingly misaligned with modern workforce needs
- Technology enables seamless, cost-effective implementation
- Market adoption accelerating across industries
Impact Assessment (From the Financial Freedom Through Innovation report:⁵⁸)
- 89% reduction in employee financial stress
- 312% ROI within the first year
- 19% improvement in employee retention
- Significant reduction in reliance on predatory lending services
Critical Success Factors (KPMG's analysis identifies several key success elements:⁵⁹)
- Strong technological infrastructure
- Clear communication strategy
- Comprehensive employee education
- Robust security measures
- Regulatory compliance framework
Strategic Recommendations For Employers
Implementation Strategy
- Conduct thorough needs assessment
- Evaluate vendor capabilities
- Develop phased rollout plan
- Establish success metrics
Risk Management
- Design comprehensive security protocols
- Ensure regulatory compliance
- Monitor usage patterns
- Maintain audit trails
For Financial Institutions
Market Position
- Develop competitive EWA offerings
- Partner with technology providers
- Enhance digital capabilities
Innovation Focus
- Invest in real-time payment systems
- Develop integrated financial wellness tools
- Enhance security measures
Final Thoughts
The EY report emphasizes that EWA is not merely a temporary solution, but represents a fundamental transformation in how employees access their earnings. Organizations that embrace this change position themselves advantageously in an increasingly competitive labor market while contributing to their employees' financial wellness.⁶⁰
Volante’s Vision
Volante’s vision is to break free from outdated salary cycles and revolutionize how people access their earnings using modern technology. The monthly paycheck model originated from an era when payroll processing was manual and cash-based—think Henry Ford’s factories in the 1930s, when workers lined up daily or weekly to receive their wages. However, with modern fintech, automation, and blockchain technology, there’s no longer a technical reason to wait 30 days to get paid. The delay benefits financial institutions by allowing them to hold funds longer, earning interest on withheld wages—not to the worker’s advantage.
Volante’s Vision in Action:
- Eliminate the artificial 30-day wait – Salaries should be earned in real-time and accessible instantly, rather than employees acting as involuntary lenders to their employers.
- Empower individuals – Giving workers immediate access to their earned income improves financial stability, reduces reliance on debt (like payday loans or credit cards), and aligns earnings with real-time productivity.
- Reshape the financial landscape – Instead of letting companies and banks earn interest on 29 days of unpaid wages, workers should have control over their money the moment they earn it.
Essentially, Volante aims to end salary delays, enable financial freedom, and bring payroll into the 21st century using decentralized, instant, and worker-first solutions.
About the Author
Joey Bertschler serves as CEO of Volante, where he leads groundbreaking initiatives in Earned Wage Access (EWA) and financial technology innovation.
Born in Austria, Joey combined his entrepreneurial instincts with technical expertise, graduating from Silicon Valley’s BloomTech (Lambda at the time) and multiple Ivy leagues including in sustainable business at Harvard. A recognized pioneer in EWA architecture, Joey's work has transformed how employers approach workforce financial wellness.
- In 2021, Joey led AI development initiatives at OpenAI, where he pioneered machine learning solutions for Fortune 500 clients. This expertise in artificial intelligence laid the foundation for his later innovations in financial technology.
- In 2024, he spearheaded the development of enterprise-grade EWA solutions for global EWA payroll calculations. His systems process early wage access transactions while maintaining institutional-grade security standards.
His research and insights on AI, financial inclusion and EWA technologyhave been featured in Forbes and HackerNoon among others. Joey frequently shares his expertise at influential forums, including events at Mar-a-Lago and major forums such as WebX, where he advocates for more equitable financial services access through technology.
At Volante, Joey leads a team of elite financial engineers and finance experts, working to eliminate predatory lending. His work continues to shape the future of earned wage access, making fair financial services available to workers across the globe.
- x.com/JoeyBertschler
- facebook.com/joebertschler
- instagram.com/joeybertschler
- linkedin.com/in/joeybertschler
- medium.com/@joeybertschler
Volante Labs Limited
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Established: November 1, 2024
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Address: 1st Floor, Ellen Skelton Building, 3076 Sir Francis Drake’s Highway, Road Town, Tortola, VG1110, British Virgin Islands.
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Representative and CEO: Joey Bertschler
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Business: EWA (Earned Wage Access) system development
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x.com/volantechain
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facebook.com/volantechain
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instagram.com/volantechain
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linkedin.com/company/volantechain
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