Unprecedented Demand Spurs Rapid Growth, Launches with Large Retail Partners Comworks and MX MemoXpress, Jr MX MemoXpress
SAN FRANCISCO and MANILA, Philippines, Aug. 30, 2024 /PRNewswire/ — PayJoy, the top financial service provider to the underserved in emerging markets, announces its expansion into Asia, with its launch in the Philippines. The Philippines will be the company’s eighth market as it expands its global footprint. In a country where smartphone penetration has surged by 113% over the past four years, PayJoy has found a strong market fit by offering access to smartphones, finance, and the modern financial system.
“The demand in the Philippines has been unparalleled. We have seen a swell of commercial partners eager to bring our service to their customers,” said Rene Payan, Philippines Country Manager. “This rapid growth is a testament to the need for our services, and our efforts to democratize access to the modern financial system through smartphone financing.”
Drawing on the company’s experience from expanding and scaling in other emerging markets, PayJoy is well-positioned to begin serving customers across all the major Philippine islands within the next two to three months.
“Many of our customers have informal jobs or are in a position where they face difficulties providing proof of a steady income or employment, like childcare or college grads,” said Payan. “Unlike others, PayJoy eliminates this barrier, offering financing options without requiring such documentation.”
PayJoy has rolled out its smartphone financing and is expected to launch its credit line and credit services for the Philippines in the near future. Smartphone financing is currently available through large retail partners like Comworks, MX MemoXpress, and Jr MX MemoXpress.
About PayJoy
PayJoy is a mission-first financial service provider dedicated to helping under-served customers in emerging markets to achieve financial stability and success. We lend through our patented technology that turns a smartphone into digital collateral, and our cutting-edge machine learning, data science, and anti-fraud AI allow us to offer the lowest cost and qualify the most customers in the industry. As of 2024 we have brought billions of dollars in credit to 12 million customers, doubling in the last two years while remaining strongly profitable and sustainable for the long term.
For more information, visit https://www.payjoy.com/.