Financial inclusiveness is the trend in fintech right now. The prevailing ethos is that disruption to current financial systems is the only way to ensure that everyone has the same access to finance, retail, insurance, and any other finance-based support structure that you could name. The industry is lifting its head from the myopia of standard models and realising that not everyone has a bank account, not everyone has a financial broker in the nearest town, and other concepts that have genuinely been hidden up till now.
dopay is the epitome of the types of innovators that are springing up to service a new demand. They are a UK-based company offering payroll services to the unbanked population in India, Asia, and Africa.
Fintech Reviews – how does it work for employers?
dopay are promoting a cashless system for employers. They are focused in areas where there is a large unbanked workforce who would have previously been paid in cash. Handling large wage drops of this nature is not only complicated, untraceable, and a security risk, it is also time consuming. dopay provide a relatively low-tech solution that allows companies to pay everyone electronically thereby reducing risk and costs.
dopay have worked hard and collaborated with financial reporting services like Goodman Jones to surmount cross-cultural difficulties, solve multi-currency issues and adhere to local regulations. What once would have seemed like an insurmountable series of issues, now appears to be a solution that was waiting to happen.
Fintech Reviews – how does it work for employees?
Employees derive huge benefits from payment through dopay. They experience reliability, speed of payment, and financial liberation from bank dependency. They also have access to microfinancing, savings plans, and investment opportunities. dopay comes with a bank card that allows members to withdraw money up to 3 times per month without charge.
dopay have basically discovered a way to scoop up a huge market that banks have been unable to secure. They have made setting up a dopay account specific to receiving wages therefore motivating people to become customers. However, they have then added banking services on top of the initial relationship.