Fintechs are changing the way we spend and save, but they are also set to change the way we could be paid for work, or more correctly, how workers receive fringe benefits.

As New Zealanders we’re used to having the bulk of our remuneration paid as an electronic payment directly into a bank account. Outside of our regular pay packet, a lot of what we might enjoy as a benefit from our employer leads to a fiddly process of tracking receipts and regularly filing for reimbursement. There’s nothing like digging around the footwell of your car for an errant (hopefully still legible) receipt to really suck the joy out of your employee benefit.

Humans love instant gratification and Steven Zinsli, founder of Extraordinary (formerly HealthNow), reckons he’s figured out a way for employers to reward workers in real time, without an expense claim cloud hanging over their heads.

It’s an approach that stands to empower employees and give employers a chance to customise their employee value proposition.

So what is Extraordinary? What sort of benefits are being offered? And how does it work in relation to fringe benefit tax?

This week on When the Facts Change, Bernard Hickey is joined by Steven Zinsli to discuss how technology like Extraordinary works in the real world, the psychology of worker benefits and why companies are so keen to customise their employee offering.

Click here for more episodes Bernard Hickey’s economics podcast When the Facts Change