Financial technology company Revolut is launching its new earned wage product in Ireland after its successful rollout in the UK.
Revolut's new Payday product gives workers the ability to instantly access a portion of their salary as they earn it.
Payday is fee-free for employers, and Revolut said it gives employees more control and flexibility over their finances for a flat fee of €1.75 per early withdrawal.
It said its customers will be able to view their available accrued earnings and select the amount they want to withdraw directly into their main Revolut account.
This helps workers to instantly access their salaries earlier in the month to cover expenses or necessary costs, and avoid getting into debt.
Revolut stressed that Payday has no impact on an employee's credit score, adding that the produce provides them with a lower-cost alternative to high-cost credit cards or payday loans that they might rely on to help with their cash flow problems.
"Payday provides a seamless experience between salary advance and a host of other innovative financial products, all within Revolut's financial super app," it stated.
As part of the new launch, Revolut said it had partnered with Spectrum Life, which provides employee mental health and wellbeing services in Ireland and the UK.
Joe Heneghan, CEO of Revolut Europe, said the company believes in the importance of making financial wellbeing accessible to all, and this includes focusing on the impact of financial stability on employees' mental health.
"After the difficulties of the past year, the last thing employees need now is financial uncertainty and stress. It is important to move away from a situation where many are dependent on payday loans and expensive short-term credit, a reliance that is exacerbated by the monthly pay cycle," Mr Heneghan said.
"We are particularly proud to have worked with Spectrum Life as our Irish launch partner. Their leadership in the employee wellbeing space reinforces what financial health can do for mental health," he added.
Stephen Costello, chief executive and co-founder of Spectrum.Life, said they regularly encounter incidents where financial concerns have contributed to the stress, anxiety or mental health issues that a person is dealing with when they engage its services.
"Providing employees with greater financial flexibility via modern-day solutions, such as Payday by Revolut, can help alleviate some of the financial challenges an employee may be facing - preventing a short-term financial issue from developing into something having a much greater impact on an individual's mental health," he added.
