SAN FRANCISCO, Feb. 19, 2019 /PRNewswire/ -- PayJoy, the leading enabler of pay-as-you-go smartphone financing, announced today its commitment to affordability by making PayJoy's Access product compatible with Qualcomm® Snapdragon™ mobile platforms from Qualcomm Technologies, Inc. worldwide. PayJoy's patented, pay-as-you-go financing system democratizes access to smartphones by providing financing to borrowers previously excluded from the banking system.
PayJoy Access enables OEMs to become compatible with PayJoy quickly and efficiently. PayJoy Access remains dormant until the complementary PayJoy Lock app is downloaded by a distributor or user. Access enables OEM partners to have out of the box financing, directly addressing smartphone affordability with PayJoy's patented locking technology. This makes all devices with Access compatible for financing without the need to pre-load PayJoy's app or develop locking technology
"We understand there is a close relationship between access to credit and access to smartphones, especially in the emerging segments where many smartphones will be sold in the next five years." said Savi Soin, Senior Vice President of Strategy, Qualcomm Technologies, Inc. "By ensuring Access' compatibility with a selection of our Snapdragon platforms, PayJoy is empowering OEMs in these segments around the world to offer accessible device financing out of the box."
PayJoy's patented financing technology allows users to offer their phones as collateral in return for credit, either for the smartphone itself or an unsecured loan. Instead of late charges and fees, PayJoy encourages on-time payments with its patented Lock technology that blocks access to apps when payments are not made. The phone immediately unlocks when payments resume. The "pay as you go" approach is widely understood in emerging segments and offers a demographic of financial beginners corrective behavior without locking them into a spiral of fees.
"We are delighted to be working with Qualcomm Technologies to ensure PayJoy Access compatibility with select Snapdragon platforms and believe our reach will accelerate access to financial technology on mobile devices worldwide," said Mark Heynen, Co-founder and Chief Business Officer at PayJoy. "Access capable devices ensure PayJoy partners can easily sell and expertly deliver smartphone financing to the growing demand in their markets. Affordability is the next killer feature."
Learn more about becoming a PayJoy partner at www.payjoy.com.
PayJoy, the leading technology company powering smartphone financing worldwide, offers proprietary, patented solutions to underwrite financing smartphones for consumers in the emerging markets. PayJoy's mission is to make smartphones accessible to the underbanked customers. PayJoy's technology empowers people who lack credit to create their first financial identities, purchase their first smartphone, and build credit simultaneously. PayJoy's secure locking technology and proprietary products offer affordable weekly or monthly installments representative of the common billing habits of the underbanked. PayJoy maintains the goal of reaching 1 billion people in emerging markets. PayJoy is a team of 75 people with premier tech and lending experience from Stanford, MIT, Wharton, Google, Facebook, Samsung, Amazon, PIMCO, McKinsey, Prosper, and Merrill Lynch. Founded in San Francisco in 2015, PayJoy raised over $50M in equity and debt capital from top fintech investors including Union Square Ventures.
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Qualcomm Snapdragon is a product of Qualcomm Technologies, Inc. and/or its subsidiaries.