With Bryan Habana heading business development, earned wage access company, Paymenow, has expanded its value-added service – offering to further mitigate the impact of consumer price inflation on workers south -Africans short of money.
In addition to providing access to wages earned before payday to allow employees to manage financial emergencies and avoid unnecessary debt, Paymenow now provides direct access to affordable private health care and household necessities. .
More than 200,000 South African employees are registered with Paymenow, through many of the country’s largest listed companies. The app’s bouquet of value-added services is made possible through partnerships with retailers and mobile networks to facilitate the purchase of groceries and connectivity for the household.
Users can purchase airtime, data, power and grocery vouchers from Shoprite, Pick n Pay, Boxer and Cell C through the app and can even send them to members of their family all over South Africa.
“Now we are proud to add Pep, NetcarePlus and Discovery Health as value-added service providers,” said co-founder and CEO Deon Nobrega.
Salary advances for medical emergencies
Paymenow’s Wage Access request data from the first three months of 2022 shows that on average 11% of workers who signed up for the service needed money to cover a medical emergency; 24% asked for an advance to buy food and 7% asked for an advance to cover school fees (this figure being higher than 12% for January).
Paymenow users will be able to purchase Pep Vouchers within the app. These vouchers can be redeemed at any Pep store nationwide.
“It has become a valuable solution for South African employees who need to buy clothes and school supplies at the start of the new year – a time when most households face significant financial constraints after the December holidays” , adds Nobrega.
“As a brand committed to giving customers access to needed products and services that they otherwise could not afford, Pep is proud to be associated with Paymenow,” said Michael Silke, Managing Director: Commercial at Pep. .
Pay-as-you-go medical coverage
App users can now also access Discovery Prepaid Health, a convenient web and WhatsApp platform that offers anyone living in South Africa the opportunity to purchase vouchers for high quality primary healthcare services. quality in the private health care sector.
“Discovery Prepaid Health is an innovative health platform that has expanded access to high-quality healthcare for many South Africans. We are delighted with the strategic partnership between Discovery Health and Paymenow, which allows both parties to combine their strengths and capabilities to provide additional choice for consumers to enjoy quality healthcare service,” said Maria Makhabane-Leke, Executive Partner at Discovery Health.
“Through the Discovery Prepaid Health platform, Paymenow prepaid voucher holders are covered for a face-to-face visit with a Discovery Prepaid Health network GP and medication at R300 or a video consultation with a GP network at R180 – and there are no contractual obligations,” says William Small-Smith, Head of Commercial Partnerships at Paymenow.
Real-time access to cash
Also joining the value-added medical services offering on the Paymenow app is leading private healthcare provider, NetcarePlus. NetcarePlus prepaid healthcare vouchers available on the Paymenow app cover GP consultations (virtual and in-person), eye care as well as dental vouchers to meet everyday healthcare needs and are redeemable at NetcarePlus network providers.
“NetcarePlus vouchers provide wider access to private healthcare, especially for those who may not be covered by medical aid and it is also useful for those who have opted for a hospital plan or have exhausted their daily benefits on the medical plan option they have chosen.The range of prepaid healthcare vouchers is one of the ways NetcarePlus is creating a new affordable way for South Africans to obtain healthcare private healthcare providers,” said Teshlin Akaloo, CEO of NetcarePlus.
Complementing the Earned Salary Access feature of the Paymenow app, which is completely free for employers and seamlessly integrates with payroll software, the app harnesses the power of big data to learn the spending habits of employees and provide personalized educational materials to encourage responsible financial behavior. It also offers free support such as 45-day credit reports and the ability to track credit score movements over time.
Small-Smith explains that as users complete modules, they are rewarded with Bronze, Silver or Gold status, which allows for increased access to advances and reduced fees. “To encourage users to spend their money responsibly and for necessary items, Gold level users have no fees when accessing value-added services.”