PT.Erajaya Swasembada Tbk, PT ITC Auto Multi Finance, a division of ITOCHU, and PayJoy announced on Thursday they have teamed to launch their smartphone financing in Indonesia. It was revealed that ITOCHU will use PayJoy’s proprietary Checkout software platform to qualify and approve Indonesian customers for monthly payment plans in Erajaya’s Erafone stores across Indonesia, requiring only a national ID, Facebook account, and an active phone number.
According to the companies, this new financing option represents a breakthrough in Indonesia. It was also reported that the expansion of global connectivity and mobile internet adoption extends both economic and social benefits to unconnected populations, fueling a cycle that reduces poverty, improves infrastructure and services, and further increases internet access and usage. PayJoy’s CEO and co-founder, Doug Ricket, stated:
“Today’s announcement with ITOCHU and Erajaya is another step towards fulfilling our mission to make smartphones accessible to more people. Our technology enables distributors to offer installment financing options to customers who have no access to credit and may not be able to afford a smartphone. This deal will put the internet and all the tools smartphones offer in the hands of more people in Indonesia, enabling growth that comes with having a more connected population.”
Atsushi Hashimoto, General Manager of Communication & Mobile Business Dept. at ITOCHU, then added:
“We are pleased to be a part of this deal that will put more smartphones into more people’s hands in Indonesia. ITOCHU is proud of the work we have done to create a more connected world and this is one more example of bringing together technology, distribution and capital to create a winning solution.”