Pintec Technology Holdings Limited (“Pintec”; NASDAQ: PT), a leading provider of financial technology solutions, today announced that its partner Wagepay Pty. Ltd. (Wagepay), an Australian Pay-on-Demand service provider, has recently launched its second generation mobile application and a completely redesigned and rebranded website. In partnership with Pintec, the premium wage advance platform has offered its services to more than 90,000 employed Australians over the past year.
Securing its footing within the fintech sector in 2020, Wagepay offers an industry-leading approach to pay-on-demand services within Australia. Positioning itself as an alternative to traditional payday loans and other forms of high-interest credit, the brand offers a complete ‘lifestyle product’ in which employed customers have access to necessary funds without the restriction of an employer-determined pay cycle.
Wagepay recently released an intuitive rebrand of their current mobile app, doubling its maximum wage advance credit limit to an industry-leading $2,000, and has added additional features including risk-based tiered pricing and proprietary bank scores based on bank transaction data. It has also announced today that the app will soon feature free access to credit score tracking and budgeting features to assist users in understanding their financial situation. This is on top of having lower fees than traditional small-amount lenders, as well as no credit checks.
The addition of the Gen2 mobile app and website reboot to the Wagepay brand has allowed the company to take a solid step towards reaching its long-term vision of revolutionising wage payment in Australia and beyond. According to Tony Chan, Wagepay’s Founder and CEO: “The second-generation app has allowed Wagepay to improve customer engagement and app useability. But more importantly, the introduction of tiered pricing on the back of 12 consecutive months of positive net transaction margin results, has set the foundation for Wagepay to better engage mainstream wage-earners. This is a true testament to Wagepay’s Machine Learning-based credit risk management capabilities.”
“The wage advance business model will revolutionize the way employees get paid and is fast becoming the preferred choice of more and more Australians. We are excited by the prospect of being able to apply Pintec’s efficient digital credit solutions to Wagepay’s business practices and help it continuously upgrade its service experience,” says Victor Li, Chief Executive Officer of Pintec. “Based on big data and AI-driven risk control modeling capabilities provided by Pintec, the premium wage advance platform can automatically perform KYC, bank flow analysis and real-time payment, provide customers with more efficient and lower cost digital credit services and further the advancement of financial inclusion in Australia.”
Pintec, a leading financial technology solution provider with superior big data, artificial intelligence, process automation capacity and other technological advantages, along with its rich experience across the entire digital financing process, helping many China-based and international financial service institutions, including ICBC, East West Bank, National Australia Bank (NAB), Judo Bank, Banjo Loans, Wagepay and Toyota Financial Services, among others to achieve more efficient digital transformation and business growth.
Wagepay is an industry innovator offering premium wage advance services to employed Australians. Revolutionising the way Australians access their pay since 2020, it has positioned itself as an alternative to traditional payday loans and other forms of high-interest credit. The brand offers a complete ‘lifestyle product’ in which employed customers have access to necessary funds without the restriction of an employer-determined pay cycle.