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#580: How PayActiv’s Safwan Shah Looks to Eliminate the Vicious Debt Spiral… 

5/12/2016

 
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I consider myself super blessed to interview the people I get to interview in this industry. Everyday is a learning experience -- a time to be "wowed" by something that will help credit unions become better and better and better.

Today was another one of those days interviewing PayActiv's Safwan Shah. Safwan has created something that many of us in the corporate world have thought of at least a dozen times during our careers -- especially just starting out when money was tight (or maybe it still is). That thought/question was: How can I get access to a portion of my paycheck to pay a looming bill or avoid a late fee or something along those lines without asking my boss or HR for an advance? I know I did.

Well, Safwan has created a revolutionary service/utility/app called "MyMoNow" -- which is short for "My Money Now." MyMoNow, winner of 2016 Finovate Spring's Best of Show, essentially integrates with your company's payroll system, allowing employees to withdraw money they have already earned to pay a looming bill, avoid a late fee, etc.

We're not talking thousands of dollars; we're talking maybe $50, $100, or $250 to avoid paying any late fees with money you've already earned during the pay period -- which is accessible at any time. I'm sure there's a lot more to it. But it seems like it's one of those inventions that's so obvious you say: "Why didn't I think of that?"

Safwan's PayActiv also has other similar services that pay bills, transfer funds, and/or help save money. Check it out when you get a chance and see how credit unions can benefit their SEGs with something like MyMoNow. Enjoy!

Watch PayActiv's video on "Room for Dreams."
2016 WOCCU Conference
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Paymywage
5/13/2016 01:28:36 pm

Fascinating interview. If I've earned my wages why should I not have the right to access them at anytime?? Doesn't the Bible say "Pay them their wages each day before sunset, because they are poor and are counting on it. Otherwise they may cry to the LORD against you, and you will be guilty of sin." Technology in finance has made millionaires billionaires but what has it done to address the financial hardships of those who live paycheck to paycheck? Instead of falling victim to predatory lenders they can now access wages they have already earned! Sometimes the biggest ideas are the most simple and elegant.

mike lawson link
5/13/2016 01:33:37 pm

Well stated. Thank you for watching and commenting. I really enjoyed conducting this interview, as I hope everybody gets a chance to see it and think about a new employee payment paradigm -- especially for those, like you said, who are living paycheck to paycheck. There are so many folks this model can help. Look forward to seeing how it grows.

Safwan Shah link
5/14/2016 10:25:54 pm

Read Deuteronomy 24:15

mike lawson link
5/15/2016 10:43:26 pm

Couldn't agree more. Thanks again, Safwan. Keep us posted on your progress. This is right up the credit union's alley.


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    Mike Lawson, Host

    Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.

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