NAB, BPAY quietly right back pay day loan killing API
Earnd overlay solution accesses wages because they accrue.
The times of cash-strapped workers being obligated to max their charge cards and take away pay day loans at interest levels above 20 per cent could quickly be numbered, all because of a modest API that pits usage of pay-as-you-earn wages against rapacious unsecured financing rorts.
In a move that competes straight against profitable bank card interest and interchange costs, NAB and BPAY have quietly supported an application deliberately created as a term that is short killer that harnesses usage of the New Payments system via BPAY overlay service Osko to expedite usage of pay-in-arrears.
The style is savagely easy.
In place of waiting thirty days to get into cash currently attained, people residing payday to payday – and there are millions – will get instant use of around half their currently accrued profits instantly, if their manager indications as much as a low-cost software dubbed “Earnd”. (more…)