PayKey, formerly GetGems, enables payments within social network chat. Its solution is independent of the underlying payment technology, including credit cards, wire transfer, or distributed ledger. PayKey's solution fits within any social network including Facebook Messenger, WhatsApp, Twitter, etc. Leveraging existing networks creates simplicity and an intuitive payment experience. Users enjoy minimal transactions fees and instantaneous money transfer.
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PayKey's Products & Differentiators
Salary on-Demand Platform for Banks
Salary on-Demand/Earned Wage Access solution designed specially for banks
Expert Collections containing PayKey
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
PayKey is included in 1 Expert Collection, including Payments.
Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.
Latest PayKey News
Dec 27, 2021
PAYKEY, a fintech company based in Israel, bared that it is in advance talks with some leading banks in the Philippines to introduce the first Earned Wage Access (EWA) app in the local market in early 2022. EWA is a concept that is now fast becoming a global trend. It allows employees to access their salary before payday and release their already earned stipend with a click of a button. Workers in the Philippines get paid once or twice a month on payday, and it’s been like this for many years which, according to PayKey Chief Innovation Officer and General Manager Roy Gabriel, is “a very outdated way of looking at how salaries are paid.” “If they need money to pay bills and other unanticipated expenses, especially amid the new normal, they need to find another solution. They would ask for an advance, or what Filipinos call ‘bale’, from their employers, or even borrow from their family and friends, or take a loan from external lenders, which, sometimes can get stressful and painful,” he said. “All these happen because they’re waiting for their payday even if they already have worked and earned their money. Employees have this money but cannot access it even when they need it. It’s a very archaic way of looking at employees and salaries and, we want to change that by empowering them through EWA,” he added. With EWA app, banks can offer this to their corporate clients so employers can include it as an employment benefit to their Filipino workers. It works by just going to the app to see how much money they earned to date. Then, they can request an advance on salary via the app. Since its feature allows them to transfer the funds to their linked bank account immediately, they can expect the money to be credited as soon as the payment has been confirmed. Employees do not only get benefitted from the PayKey EWA app, but also the employers because it motivates productivity among their workers and empowers them to take charge of their finances. Based on a recent study published by Visa, 84 percent of the 1,000 surveyed participants “worry about finances while at work,” and 68 percent indicated that financial worries affect their health and productiveness. Also, it indicates that over eight out of 10 employees spend time at work thinking about or dealing with finances each week. Per the 2018 Special Report: Financial Stress and the Bottom Line by PwC, on the other hand, the production cost due to the financial stress amounts to an estimated $3.3 million, excluding the $166,000 cost for failure to report to work for a company with 10,000 employees. “Simply put, everyone earns with EWA. The employer gets a happier, more productive worker, the employee feels less stressed and is taking control over his life, and the bank gets to offer a new product in the salary arena. This is an area where we did not see any innovation in such a long time,” Gabriel said. The top executive also emphasized that the solution serves as “a major selling point in a competitive job market” as it aids easier recruitment. “In the Philippines, the generation is getting younger. With the coming of age of digital native generations, such as millennials and GenZs, employees now expect everything to happen fast and with just a few clicks. Integrating EWA is one great way for banks to ensure that they thrive now and, in the future,” he stressed.
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PayKey Frequently Asked Questions (FAQ)
When was PayKey founded?
PayKey was founded in 2014.
Where is PayKey's headquarters?
PayKey's headquarters is located at 9 Taversky Street, Tel Aviv.
What is PayKey's latest funding round?
PayKey's latest funding round is Seed - II.
How much did PayKey raise?
PayKey raised a total of $16.62M.
Who are the investors of PayKey?
Investors of PayKey include Fintech71, Ahead, The FinLab, SixThirty, Mindset Ventures and 18 more.
Who are PayKey's competitors?
Competitors of PayKey include PhonePe, Toss, DailyPay, Soft Space, CardX and 10 more.
What products does PayKey offer?
PayKey's products include Salary on-Demand Platform for Banks.
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