Published 6 MAY 2022
The world is constantly shifting its needles because
of technological advancement across different
industries. Especially after the inception of the
internet, net banking and digitalization have
brought changes that were never foreseen. The way we
lead our lives, the way we do our businesses, the
way we earn money, and the way we pay money are no
When we talk about a country like India, it has been
developing faster over the last decade or so.
However, some things ingrained deeply in the work
ecosystem have not changed. There is a lot of strain
especially financial, among the working class in the
country. Thus, the government and the corporate
world are opting for solutions to make their lives
better and easier.
What is the solution to reduce financial strain?
When we talk about financial strain, the first thing
that comes to our mind is how the payroll system
works in different organizations in India. Taking
salaries in advance at the time of need, getting it
balanced off their overall payment amount at the
month-end, or taking loans and getting into the trap
of debt with heavy interests is a vicious cycle that
people are forced to hop on. Recovering from the
pandemic especially has fuelled this problem. There
wasn't any solution for it until now.
But thankfully, we have Earned Wage Access system as
an alternative to breaking away from paycheck to
paycheck living. This concept is still very much
novel here. In an attempt to define EWA, we can say
that it is a product that enables employees to
access a certain portion of their salary any time
before their payday. This means that you can 'access
your earned wage' in case of emergency or whenever
you require it. Earned Wage Access gives your
employees the flexibility and authority over their
money. So they don't have to keep asking their
bosses or any other outside resources. There is a
sense of financial stability and relief. But now the
question comes, how will this be possible? And who
will make this possible? Let us try to answer it.
Who is an Earned Wage Access provider?
A person or team, as a provider, aids earned Wage
Access services. This provider can collaborate with
an organization, a firm, or a business company on a
contract basis. They will be responsible for
integrating and implementing the EWA system on your
prevalent payroll software. A provider will be
responsible for offering and managing services
according to your company's type, scale, capacity,
The business of the majority of EWA providers offers
direct-to-consumer products. KiloPe does the same.
KiloPe's earned wage access application equips your
company's employees to build their profiles, keep
track of their salaries, and access a portion of it
any time before payday. The remaining amount is what
you will get as your paycheck. KiloPe is a flexible
financial alternative that will remove the burden of
short-term loans from your employees and help them
in managing their finances better. Now may, people
might claim that is delusional or debatable, but
researchers have actually testified to the fact that
an Earned Wage Access system has impacted the
employees in a positive way along with enhancing
their engagement, productivity, and longevity rates.
How Kilope can help in reducing your financial
KiloPe is no less than an angel for making the dream
of stress-free financial management of employers and
the employees in an organization come true. Like a
wish we didn't know we had, it got fulfilled because
of technology. Statistics say the same. 43% of
Earned Wage Access users were able to cover Payroll
with their salary compared to 21% of those who don't
use EWA. Read below if you still want to know how
KiloPe will reduce your financial strain!
For the employers
Cost-free and risk-free integration: If you
are stressed about the cost charges for
implementing EWA, take a sigh because it is
More than just a fintech solution: Apart
from reducing your financial strain, it also
provides analytics on the data you want.
Coordination with the workforce: A secure
and transparent platform to track and
coordinate the usage of your employees, so
you don't keep wondering about the cash
Longevity and trust of the workforce: When
you are thinking about your employees'
financial security, they wouldn't want to
leave or switch their jobs.
For the employees
An individual profile: The KiloPe
application is super easy and convenient to
use. Build a profile with all your basic
information, and you are good to go.
Instant access to your finances: Employees
do not have to stress over how are you going
to arrange money in their time of need. The
access is throughout available to them.
Long-term security: When the numbers and
data of what you earn are in front of you,
you feel secure and independent.
Stable and stress-free: Better financial
maturity, understanding, and planning with
KiloPe will definitely keep your employees
stable and stress-free.
Conclusion: KiloPe is a fintech fairy that aims
to reduce the financial strain by providing
simple and affordable products and services to
the masses. It also vouches for financial
inclusivity among different classes of workers
in an organization. Being constantly in talks in
the corporate world makes employers realize the
stress that the employees go through daily. When
adopted by more organizations, it won't let the
employers undermine this stress as it will be
hazardous to the overall performance and
revenue. 66% of Indian employees consider EWA as
a deciding factor for their jobs. Thus, there is
certainly a need to adopt this alternative. The
changing landscape of the financial ecosystem in
India will focus more on the overall well-being
of their workforce to get success in terms of
both growth and numbers. And platforms like
KiloPe will be catalysts in doing so.