Making Smartphones More Affordable in the World’s Largest Samsung Experience Store

We are proud to share that we have launched our groundbreaking service this summer in India in partnership with Samsung, co-branded as Samsung Sure. This partnership makes smartphones more accessible to a broad spectrum of Indian consumers through Samsung’s tens of thousands of retailers, regardless of whether they have a credit history or other paperwork such as proof of formal income.  It is rolling out across major metro areas in India, including in the world’s largest Samsung Experience store recently opened at the iconic opera house on Brigade Road in Bangalore.


The Samsung Sure program uses PayJoy Checkout, an instant paperless process designed to take no more than ten minutes to complete, and only requires a customer to present their ID to be eligible for attractive equal monthly installment (“EMI”) offers.  This product includes the PayJoy Lock, patented software that makes such financing possible in the first place via novel approach. It restricts access to apps when payments are missed. It allows customers to receive incoming messages and to make calls to emergency numbers, while blocking outgoing calls to regular numbers and restricting access to other apps on the phone. PayJoy hence ensures a safe experience for customers while providing the right incentives to users, the finance providers who underwrite this risk, and to distributors.
Screen Shot 2018-09-26 at 3.54.45 PM

This partnership solves a significant issue.  Roughly three-quarters of Indians earn less than US$10 a day and a smartphone could easily cost half their monthly income. Compounding the affordability issue, many Indians do not use their bank accounts (despite recent efforts to issue accounts), have limited access to credit, and are employed within the informal economy. Today, smartphones are not just a way to stay in touch with family and friends, but they  enable self-employment and greater financial empowerment. PayJoy makes smartphones accessible to those who need them the most, contributing to digital and financial inclusion for tens of millions.

Doug Ricket, PayJoy’s CEO explains: “By having the ability to remotely lock the phone, PayJoy essentially makes the device the collateral for the loan.  PayJoy’s finance technology will open up access to modern mobile technology and consumer finance for people worldwide. This will increase their quality of life and connect them to new markets, opportunities, and the entire world.”


Making Smartphones More Affordable in the World’s Largest Samsung Experience Store