Payjoy Launches New Credit Card For The Underserved In Mexico Powered By Pomelo
PayJoy, a platform that expands credit access to those underserved by traditional banking in emerging markets, has launched a new physical and virtual credit card powered by Pomelo for its clients in Mexico.
This move aims to provide a secure payment option for their credit lines. Since 2015, PayJoy has served 10 million customers in countries including Mexico, Brazil, Colombia, South Africa, Peru, Ecuador, and Panama, aiming to improve financial well-being. In Mexico, 40% of its users accessed credit for the first time through PayJoy’s solution.
PayJoy’s approach includes fixed installment payments, using AI and proprietary risk management technology for customer evaluation. The new cards link to PayJoy’s revolving credit lines, facilitating in-store purchases. Users can also add their cards to Google Pay through Pomelo’s tokenization feature.
PayJoy used Pomelo’s card issuance and processing solution for the launch, including BIN Sponsorship and tokenization. This partnership has allowed PayJoy to impact over 10 million individuals by integrating revolving credit with card payments. “By merging revolving credit with card payments, we’re redefining microcredit use,” says Raymond Katz, PayJoy’s General Manager for Latin America.
Pomelo’s technology, speed, and regional presence were key to PayJoy’s choice for this launch. With Pomelo’s infrastructure in Latin America, PayJoy plans to expand its card solution to other countries. “Supporting PayJoy in launching this product highlights its potential for strengthening their offerings with significant regional replicability,” says Mauricio Téllez, Customer Success Analyst at Pomelo.
PayJoy continues to develop solutions for underserved audiences, showcasing the capability to launch financial products in Latin America quickly with Pomelo’s technology.
