DailyPay, an earned-wage access platform for employees, has rebranded its "Friday by DailyPay Visa Prepaid Card" to "DailyPay Visa Prepaid Card." The card remains a general-purpose reloadable (GPR) card that allows users to transfer a portion of their earned wages in real time, with no fee if users update their direct deposit to the card.

The DailyPay Visa Prepaid Card offers benefits without hidden fees, minimum balance requirements, or maintenance fees. It includes an app for accessing earned wages and tracking earnings and spending. Later this fall, the card will feature card-linked offers, allowing users to browse merchant-funded discounts and accrue cash back on eligible purchases.

DailyPay claims that the new card features are part of its commitment to helping users achieve financial security.

Analyst QuickTake: DailyPay earmarked its USD 175 million debt and equity funding early this year for pursuing product innovation and expanding into adjacent business segments and new markets. Today’s product update announcement follows its partnership with Visa+ to enhance platform interoperability through direct deposits into Visa+ linked accounts. It emphasizes product innovation efforts taken by the company in recent months.