Partnership with Iconic, Mohali for Early-Wage-Access Programme
The company has partnered with Iconic, Mohali, to offer its Early-Wage-Access programme to the firm's employees.
- Partner Name
- Iconic, Mohali
- Programme Offered
- Early-Wage-Access programme
- Product Structure
- Short-term salary advance recovered through salary deduction
- Strategic Alignment
- Expansion of retail offerings
What was announced
The company informed BSE that it has partnered with Iconic, Mohali, to offer its Early-Wage-Access programme to the employees of that firm.
How the product works
- Employees can access a part of their salary seamlessly during the month, giving instant financial relief.
- It is structured as a short-term loan / salary advance offered through a tie-up with the employer.
- The amount lent is recovered through salary deduction.
Why the company is doing it
The company says it had been working on a salary advance solution in line with its vision to expand its offerings and serve retail customers at large.
How investors may read it
This is a business development update adding one more employer tie-up to the company's early-wage-access offering. The commercial terms, expected loan volumes or revenue contribution are not part of this disclosure, so the financial impact cannot be quantified from it.
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