BNZ PayNow is a no interest way for employees to access wages before payday and an alternative to predatory payday loans. Employees can use the PaySauce mobile app to draw down on funds they’ve already earned, effectively letting them choose their own payday on demand. Although this service was initially offered on a limited basis via PaySauce’s mobile app, funding from BNZ addresses cash flow challenges for small businesses by covering the advance of accrued wages and taking the financial pressure off employers.
“We’re all so accustomed to convenience and freedom as consumers, but payroll is still operating on an outdated model. It seems obvious that it should be possible for employees to access their own money when they need it, without resorting to exploitative high-interest lenders. With the crucial support provided by BNZ, we can provide working Kiwis with financial freedom and autonomy, without placing strain on small businesses. We’re proud to share this ground-breaking feature with the nation’s workforce.PaySauce CEO Asantha Wijeyeratne
As part of its sustainability strategy, Te Pae Tawhiti, BNZ has an ambition to grow the long-term social, cultural and financial wellbeing of all New Zealanders. One of the ways BNZ supports this ambition is through community partners who can provide New Zealanders on limited incomes a pathway to affordable and sustainable borrowing. BNZ has four Community Finance partnerships focused on low and no interest lending and solutions for unmanageable debt.