South African fintech startup LayUp and payment and merchant solutions provider Dashpay have partnered to roll out a lay-buy application to Dashpay’s Newland payment solutions point of sale (POS) smart devices. These are available at merchants across South Africa.
Customers wanting to make lay-buy purchases need to visit any one of the merchants who use the POS devices to sign up.
Nearly 24% of adults in South Africa are unbanked and R12-billion in cash is believed to be held outside of the banking system. With unemployment rising, as many as 30-million people are locked out of the South African economy. As more people turn to credit to help make ends meet, they’re finding that not having a credit history is excluding them from accessing day-to-day goods. This has seen millions turn to often-disreputable lenders for unsecured loans, with dire consequences.
LayUp allows for automated recurring payments through multiple payment methods, including cash, debit and credit card, or instant EFT, to complete the process. Customers can also visit any merchant running the LayUp app on their Newland POS device anywhere in the country to pay their instalment or update their account.
Platform: Any device with an up-to-date Internet browser
Stockists: Merchants and consumers can find more information about the service here.
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