CHICAGO -- Instead of a paper check at the end of the workweek, some employees now have the option of receiving their wages in what may be the paycheck of the future.

Payroll cards are being billed as a convenient, cost-effective way to handle payday. They are targeted toward part-time workers, low-income workers, temporary workers and teenagers.

VISA USA's Todd Brockman said 32 percent of the population either does not have a banking account of any kind or does not have the banking account that suits their needs.

According to Brockman, those people are "considered unbanked or under-banked."

That particular statistic translates into millions of workers for whom payday can be a logistical and expensive headache. These types of workers are often forced to pay an average of 5 percent of their paychecks to cash their pay stubs.

Andral Parrish, who works at U-Haul, is one of more than 1 million workers who use a payroll card. Her earnings are transferred to a card that can be used at ATMs, gas stations and grocery stores. An added benefit is that the employee doesn't lose money if the cards are lost or stolen.

"I lost my card and I had bills to pay on payday," Parrish said. "I called CashPay and they actually sent me my whole check through Western Union. I didn't have to wait, so that was very convenient."

But some advocacy groups say payroll cards offer the same problems as a bank account -- such as extra fees and costs -- without the benefit of being able to save and build wealth.

However, employers who use the system say it's proving to be cost-effective.

"We're saving about $50,000 to $60,000 per year," said Othon Herrera, CEO of Talent Tree.

With an estimated 190 million paychecks printed each year, employers stand to save time and money -- up to $100 per worker, reported WMAQ-TV in Chicago.

"We used to spend all day Thursdays just getting checks ready for distribution," said Sam Austin, payroll manager for U-Haul. "We find other things to do that day."

Some of the other companies using the payroll card are McDonald's, Blockbuster and Sears.