PayJoy Announces Compatibility with Africa's #1 Smartphone Manufacturer Transsion and Other Leading Manufacturers via PayJoy Access

SAN FRANCISCO,Oct. 21,2019 --PayJoy Inc,a leader in providing consumer finance to the next billion via smartphones,has launched its compatibility program for smartphone original equipment manufacturers (OEMs),starting with agreements with four key smartphone brands in emerging markets: Transsion Group,TCL/Alcatel,D.Light and Hisense,building on existing compatibility with Samsung and LG. These four smartphone brands achieved compatibility by incorporating PayJoy Access in their systems. PayJoy Access is free firmware technology developed by PayJoy to facilitate fast and efficient integration of PayJoy Lock,its industry-leading smartphone locking technology for OEMs.

Compatibility with PayJoy's patented technology enables retailers to offer these smartphones on installment payment plans secured by PayJoy,thereby increasing market access and affordability for the billions of users who have yet to adopt a smartphone.

"By licensing PayJoy Access,these OEMs have shown a strategic commitment to expanding access to their devices for the next billion consumers,which will in turn increase OEM's device sales," said Mark Heynen,PayJoy's Co-Founder and CBO. "PayJoy continues to welcome additional OEMs to our compatibility process and look forward to additional compatibility announcements over the coming months," continued Heynen.

PayJoy Access enables compatibility with the PayJoy Lock,a patented and purpose-built app that facilitates finance for the underbanked consumer segment in developing markets by virtually "collateralizing" the device. Additionally,the app informs the end-user when their next installment is due and options for paying. If a payment is missed,the device "locks," limiting its functionality to emergency calls and communicating with the lender.

By collateralizing the smartphone with Lock,PayJoy dramatically improves repayment rates,reducing costs to lenders who can pass the savings on to consumers,thus making smartphones more affordable. Additionally,similar benefits apply to MNOs who wish to extend subsidy offers in the prepaid segment.

In Mexico,PayJoy uses Lock to offer its own monthly payment plans based on this technology and found the method so effective as to reduce its consumer default risk by 50%,while enabling increased approval rates and with no late fees. This approach recently earned PayJoy a Net Promoter Score of 80.

PayJoy licenses Lock to lenders worldwide to improve their portfolios' payments performance,most recently with leading institutions in 22 countries including Panama,Guatemala,Ecuador,Kenya,Nigeria,Senegal,Zambia,and Indonesia. Additional commercial launches are expected later this year.

About PayJoy: 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 periodic installment plan or subsidy. Today,PayJoy's secure locking technology and proprietary data science facilitate the offer of affordable smartphone payment plans to underbanked people in over 10 countries with the long-term goal of reaching 1 billion people in emerging markets worldwide. PayJoy is a growing team of 115 people in 8 countries,with premier tech and lending experience from Stanford,MIT,Wharton,Google,Facebook,Amazon,PIMCO,McKinsey,and Merrill Lynch. PayJoy was founded in San Francisco and funded with over $70M in equity and debt capital from top fintech investors including Greylock and Union Square Ventures.

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