PayJoy Announces Global Access to Lock API

PayJoy, a provider of pay-as-you-go smartphone financing, announced today global availability of its patented Lock APITrack this API. The API allows PayJoy's lending partners to secure financing with compatible smartphones. This global expansion, alongside expanded compatibility through its recently announced partnership with Qualcomm, propels PayJoy from deployments in 10 strategic markets such as Indonesia, India, and Nigeria to a path to provide access to financing to the next billion.

"The fundamental challenge in extending credit in emerging markets -- whether for a loan or a phone -- is the lack of collateral and underwriting data. By introducing a way for consumers to pledge their smartphone as collateral virtually, we give finance companies a tool to approve a lot more people with the comfort that it has a proven history of cutting defaults in half," said Mark Heynen, Co-founder and Chief Business Officer at PayJoy. "With affordability being top of mind, we created a technology that empowers lenders to better leverage pay-as-you-go smartphone loans with fewer defaults."

Currently, PayJoy has deployed over the past three years the lock technology with tier one partners in the following markets:

  • Tanzania
  • Zambia
  • Kenya
  • Mexico
  • Honduras
  • Argentina
  • Indonesia
  • Guatemala
  • India
  • Nigeria
  • Panama

PayJoy's Lock API is designed for partners to be able to implement within days. Once set up, finance companies can turn the lock on and off programmatically. PayJoy offers a 14-day free trial on for partners interested in growing their financing programs. Instead of late charges and fees, PayJoy encourages on-time payments with its patented Lock technology that blocks access to apps when payments are not made. The phone immediately unlocks when payments resume. The "pay as you go" approach is widely understood in emerging markets and offers a demographic of financial beginners corrective behavior without locking them into a spiral of fees.

Learn more and sign up for a free trial from anywhere in the world at

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