PayJoy, the platform that promotes access to credit for people not reached by formal credit in emerging markets around the world, launched its physical and virtual card powered by Pomelo for its customers in Mexico. This great news comes to provide them with a secure and convenient payment method to use their credits!
Next, we'll tell you what this triumphant launch is about and all the solutions we offered PayJoy to enter the Mexican market with their card.
Founded in 2015, PayJoy today has 10 million customers in countries like Mexico, Brazil, Colombia, South Africa, Peru, Ecuador, and Panama, whom it helps to achieve economic well-being. In Mexico, its system addresses the population that had not yet had access to credit, and they have already achieved results: 40% of its users accessed credit for the first time with their solution!
Moreover, PayJoy has a significant advantage, as the installment amounts never change, even if users fall behind on payments. PayJoy achieves this through its advanced customer evaluation method, using hundreds of variables through artificial intelligence and its proprietary risk management technology.
On this occasion, it adds physical and virtual cards to its value proposition in Mexico, with the support of our Cards solution to complement the experience of its active customers. In short, these are cards linked to the revolving credit lines provided by PayJoy to its users. This way, it becomes easier for them to use those funds to make purchases and payments in physical stores. And the best part is that users can integrate their cards with Google Pay thanks to our tokenization feature! PayJoy has already positively impacted over 10 million people with its credits. Now, by combining revolving credit with the card as a payment method, we are changing how microcredit is used. Raymond Katz, General Manager of Latam at PayJoy
PayJoy's physical and virtual cards feature our comprehensive card issuance and processing solution. Additionally, we assisted them with:
BIN Sponsorship: PayJoy leveraged our already certified branded license to issue their cards;Tokenization: our card tokenization technology enabled them to offer a digital alternative to their users with physical cards; with this, they can add their cards to Google Wallet and make payments through their mobile devices via NFC.As part of our integration and launch process of their cards, PayJoy highlighted our cutting-edge technology, speed, and regional presence as significant differentiators of partnering with us. Through our technology infrastructure with presence in Latam, PayJoy will be able to quickly choose to extend its card solution to more countries without initiating the whole process again. At Pomelo, we are very pleased to accompany PayJoy in the launch of this new product with a unique model in the market. We are confident that it will be a success story by strengthening their current solution offerings with a high level of regional replicability. Mauricio Téllez, Customer Success Analyst at Pomelo
Congratulations PayJoy, let's go all out for more solutions for underserved audiences!
We are a team of specialists in the payments industry behind the voice, or rather, the Words of Pomelo. We will tell you everything about the industry, trends, products, methodologies, best practices, and Pomelo stories in the first person.
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