Customers buying eligible smartphones at participating Kservico stores may apply for financing from PayJoy as part of the in-store purchase process, the companies said.
Wider reach
The partnership combines PayJoy's technology-enabled financing platform with Kservico's physical retail network as smartphones become increasingly important for work, education, small businesses and access to digital services.
The companies did not disclose financing rates, payment terms or the smartphone models covered by the arrangement.
Joseph Lim, country manager of PayJoy Philippines, said Kservico's reach and experience serving Filipino households complemented the financing company's goals.
"When we looked at Kservico, we didn't just see one of the country's largest retail networks. We saw a company that has spent more than five decades putting quality products within reach of ordinary Filipino families," said PayJoy Philippines country manager Joseph Lim said in a statement.
"That mission closely aligns with PayJoy's commitment to helping hardworking Filipinos access the products, tools, and financing they need to build better lives. Together, we hope to create even more opportunities for communities across the country."
Two years
The companies said the agreement followed two years of work on the partnership.
“This partnership has been two years in the making, and we're excited to finally make it a reality,” said Kservico president Grace Balingit. “Together with PayJoy, we hope to help more Filipinos access the dream smartphones they need while reaching even more communities in far-flung areas through accessible financing options.”
Kservico's store network provides PayJoy with a physical channel for offering its financing service to customers, including those outside major commercial centers.
The companies said physical stores continue to play a role in expanding access to digital devices and financial services, particularly as more daily activities shift online.
Digital access
Smartphones have increasingly become tools for applying for jobs, attending online classes, operating small businesses and accessing digital financial services, in addition to communication.
PayJoy and Kservico said making devices more accessible could allow more consumers to participate in the digital economy.
"Digital inclusion requires more than connectivity. People also need access to the devices that allow them to participate," added Lim. "Strong retail partnerships help us bring that access closer to customers. Ultimately, our goal is to use technology to create a pathway for more people to participate in the digital and financial economy."
The partnership expands PayJoy's distribution through Kservico's retail footprint while giving the retailer another payment option to offer customers purchasing eligible smartphones. —Ed: Corrie S. Narisma
