After Indiana became the latest US state to sign earned wage access (also known as on-demand pay) into law, DailyPay, a worktech company and provider of earned wage access, is setting its sights on supporting more people in the area.
Indiana’s HEA 1125 codifies the industry’s best practices into law, including recognising that earned wage access is a unique financial product, and mandating appropriate consumer protections.
Indiana has joined multiple states across the country, including California, Nevada, Utah, Arkansas, Missouri, Kansas, and South Carolina, which have all also taken affirmative steps to ensure appropriate regulation is in place for the product.
“We applaud Indiana legislators for responding to the realities facing working people in the state and ensuring continued access to a crucial financial option with common-sense guardrails that allow consumers and businesses to benefit,” said Ryan Naples, vice president of public policy at DailyPay. “We especially thank Governor Braun for signing the bill into law, as well as bill sponsors Representative Jake Teshka and Senator Kyle Walker for leading the way.”
Following the news, DailyPay says it remains dedicated to serving employers of all sizes and across all industries, delivering innovative products and services that enhance workers’ financial lives.
On-demand pay offers workers greater financial flexibility and control of their finances and is a safe and important alternative to late fees, overdraft fees or high-interest credit products. With the enactment of this measure, DailyPay looks forward to supporting Indiana employers and employees alike in achieving their financial goals.
DailyPay has revealed that it plans to continue to work with state and federal policymakers to ensure that the wide adoption of earned wage access by employers, and the impactful financial wellness benefits it brings to their employees, are fully understood.
