How Digital Collateral is Revolutionizing Credit in Emerging Markets
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PayJoy pioneered the use of phone-locking technology as collateral, enabling them to extend credit to customers who lack traditional banking relationships or credit histories. When payments are missed, the smartphones become temporarily unusable until payments resume. This simple yet effective mechanism has allowed PayJoy to serve over 13 million customers across Latin America, Africa, and Southeast Asia, with 50% being new to credit entirely.