Fintech flexible payroll solutions driving productivity and enhancing financial wellness in the workplace
Cost of living pressures and rising inflation around the globe combined with falling real wages is affecting many Australians – making workers feel more financially stressed than ever before. In response, many Australian consumers and workers are topping up their incomes by using buy-now-pay-later (BNPL) credit platforms – in some cases, financially over-extending themselves with debt they are unable to service. RFI Global Research found that there were over 5.9 million active accounts for buy-now-pay-later platforms (such as Zip and Afterpay). This figure increased significantly from March 2021 to March 2022 with adoption rates increasing from 32% to 38% over this period.