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.
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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

PayJoy and Coppel Collaborate to Bolster Smartphone Financing in Mexico

PayJoy is excited to announce the launch of a pilot program with Coppel, one of the principal retailers in Mexico, to promote smartphone financing. Coppel is testing the use of PayJoy’s innovative Lock technology to collateralize smartphone installment contracts, trying to improve  risk metrics, and making financing available to more customers in Mexico .

“This pilot program  with Coppel reflects another step forward for PayJoy and our mission to make smartphone technology and consumer finance accessible to millions of people in Mexico and around the world” said PayJoy’s CEO and co-founder, Doug Ricket.

“One of the challenges of providing smartphone financing is that there is no real collateral on these micro-loans, usually ranging from $2,000 to $7,000 pesos in Mexico. There is also very little data available for customers at the base of the pyramid in Mexico. PayJoy’s technology will enable Coppel to mitigate risk, therefore trusting more people and extending more loans,” added Mauricio Cordero, PayJoy’s Country Manager in Mexico.

As one of the principal retailers in Mexico, Coppel is positioned to bring affordable smartphone financing to the base of the pyramid in Mexico. The company has helped millions of customers in Mexico to improve their lives by financing a wide range of products, from clothing, to appliances, to smartphones.

PayJoy’s mission is to make smartphones affordable worldwide through a unique technology that enables people who lack credit to purchase their first smartphone on a weekly or monthly installment plan.  Today, PayJoy’s secure locking technology and proprietary data science deliver affordable smartphone financing to underbanked people throughout the U.S. and Mexico, and in 2018  PayJoy is expanding across Latin America, Asia, and Africa, with the long-term goal of reaching 1 billion people in emerging markets worldwide.  PayJoy is a team of 60 people with premier tech and lending experience from Stanford, MIT, Wharton, Google, Facebook, Amazon, PIMCO, McKinsey, Oportun, and Merrill Lynch. PayJoy was founded in San Francisco and funded with over $30M in equity and debt capital from top fintech investors including Union Square Ventures.

PayJoy and Coppel Collaborate to Bolster Smartphone Financing in Mexico