Paynom

Modern-day organizations are on a constant quest to improve employee wellbeing for fostering talent retention and boosting overall productivity. In this endeavor, Paynom emerges as a transformative force, helping businesses achieve this feat. Its innovative solution enables employees to deal with all their essential financial eventualities and emergencies without compromising their future income.

“We have taken the lead in the LatAm fintech landscape by introducing an allencompassing platform that revolutionizes the way employees manage their finances,” says Aroldo Dovalina, the founder and CEO of Paynom.

The Trailblazer in the Mexican Market

In 2015, Paynom emerged as a groundbreaking salary on-demand platform, establishing itself as a trailblazer in the Mexican market. Its primary objective from the outset was to enhance the financial well-being of the Mexican population. At that time, hardly 58 percent of individuals across the nation were capable of meeting their expenses with their current income; merely 43 percent had sufficient savings to handle an economic emergency, and only 35 percent of the population maintained a budget or kept track of their income and expenses.

Paynom’s financial wellness platform today extends its support to employees across various sectors and company sizes, all at no cost to the employer. A notable feature of this platform is the option for salary on-demand, empowering employees to conveniently request a salary advance through their mobile devices or computers before the next scheduled pay period.

It’s important to acknowledge that a significant majority of workers, around 72 percent, face the challenge of living paycheck-to-paycheck, while 45 percent cite financial matters as the primary cause of stress.

Through the Paynom platform, employees can effectively allocate financial resources to cover crucial expenses like electricity, water, internet, and cable TV. They can also utilize it for retirement savings, insurance securing, electronic fund transfers, and meeting other essential needs through online purchases.

Paynom actively promotes the financial well-being of Mexicans, particularly in a population where only 68 percent have access to any financial service and less than 50 percent possess a bank account. These figures have shown remarkable stability since 2015, as highlighted in the 2021 National Financial Inclusion Survey (ENIF). Within this context, the company truly stands out as a leader.

Empowering Individuals for Continuous Education

The Paynom platform is built on the fundamental pillars of technology, financial inclusion, lifelong learning, and work-fromhome benefits.

By embracing technology, Paynom significantly enhances productivity and efficiency. Previously manual tasks can now be swiftly completed using apps and digital systems, enabling workers to access a wide range of solutions and benefits. This digital transformation empowers employees to streamline workflow and enjoy an extensive array of tools to enhance their overall well-being.

On the financial inclusion front, Paynom provides a range of solutions, including salary advances, voluntary savings programs to enhance pensions, QR code payments across a network of over 30,000 merchants, insurance enrollment, bill payment services, and funds transfers, with forthcoming additions of new financial services later this year.

Through a strategic collaboration with the educational platform SEMINAT, Paynom empowers individuals with opportunities for continuous education. This partnership enables employees to access a wide array of educational programs that foster their professional growth and enhance their earning potential. Whether pursuing a postgraduate degree, diploma, or specialized courses, individuals can enroll in renowned educational institutions at discounted rates.

Paynom also helps companies in leveraging digital innovations like TLTrabajo to effectively adhere to NOM-37, the regulation governing remote work in Mexico. This technology streamlines the process of providing monthly payments to workers for essential services like telecommunications, internet access, and electricity. As a result, this tool equips employees with the resources required to enhance their quality of life while simultaneously alleviating financial stress.

Extending Crucial Financial Support

Paynom believes in continuously upping its ante to maintain a leadership position in the market. It has undergone a significant transformation this year, evolving into a comprehensive workforce well-being platform. Previously focused solely on financial well-being, the company now embraces a more expansive vision that encompasses the overall welfare of employees. It takes great pride in being the exclusive copyright holder of Salary on Demand and Salud Financiera in Mexico.

“Paynom’s dedication to excellence has been acknowledged by prestigious organizations like VISA, honoring us as finalists in the Visa Everywhere Initiative 2022,” says Dovalina.

This esteemed recognition has opened the doors for Paynom to offer the Paynom Credit Card to all its registered platform users later this year. The product will extend crucial financial support to a sector that otherwise faces limited access to resources. Since Paynom is preparing to unveil this revolutionary offering, it is excited to embark on a journey of empowerment, inclusivity, and enhanced financial opportunities for all.