With fixed total amounts and transparent terms, PayJoy Card helps the underbanked avoid debt traps and redefines how fair lending is done
SAN FRANCISCO, May 13, 2024 /PRNewswire-PRWeb/ -- PayJoy, the leading lender to the underserved in emerging markets, today announces the launch of the PayJoy Card, offering a new way for borrowers to access affordable credit. Since its founding in 2015, PayJoy has been helping the underserved escape poverty and gain economic freedom by turning smartphones into collateral for lending, allowing them to build credit. Now, the PayJoy Card allows customers to use their PayJoy credit for all kinds of in-store and online shopping.
"Our products allow more people to gain access to the financial system," said Raymond Katz, VP of Product at PayJoy. "With the PayJoy Card, we're helping customers easily access their funds, which they can use to pay for everyday essentials – from groceries to household expenses, transportation, and more. We're excited to continue improving our customers' long-term financial well-being and help make their lives easier."
By fixing the total amount customers have to pay upfront, the PayJoy Card redefines how fair lending is done for the underbanked. With no late fees, hidden costs, or surprises, the PayJoy Card guides borrowers away from traditional alternatives and debt traps. Accessible through a secure app, the Card empowers users to access funds as needed. Its user-friendly interface has gained massive attraction and growth.
The PayJoy Card is offered through Mastercard and is currently available in Mexico. The Card allows parents, small business owners, first-time card owners, and working-class individuals to make purchases online and in any establishment in Mexico that accepts credit card payments.
"Our customer-centric experience, coupled with our commitment to transparency and ethical lending practices gives users the tools and information they need to improve their financial health," continued Katz. "The PayJoy Card underscores our dedication to redefining financial accessibility and inclusivity as well as our commitment to maintaining fair practices and fostering trust among our users. We're only at the beginning of the road and plan to continue our pace of innovation in the coming months and years."
For more information about PayJoy, visit https://www.payjoy.com/.
About PayJoy
PayJoy is a Public Benefit Corporation that provides a fair and responsible entry point for individuals in emerging markets to access the modern financial system, build credit, achieve economic freedom, and access digital connectivity. Founded in 2015, PayJoy has provided credit to more than 10 million customers across Mexico, Brazil, South Africa, Ecuador, Peru, Panama, Colombia, and the Philippines. PayJoy runs profitably and employs over 1,000 people worldwide. For more information, visit https://www.payjoy.com/.
Media Contact
Tisha Ferraro, PayJoy, 9255881610, [email protected], https://www.payjoy.com/
SOURCE PayJoy
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