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Device Financing

Bridging the Digital Divide with an Offline On-Device Assistant and Empowering Device Financiers to manage mobile devices effectively, ensuring security throughout the financing period for devices provided on installment plans

What is Device Financing?

Device Financing is a payment model that allows individuals to buy smartphones without paying the total amount upfront. The cost is spread out over time through installment plans. This approach enables people in low—and middle-income countries (LMICs) to acquire smartphones.

The device belongs to and is financed by the device financier on agreed-upon monthly installments. Once the payment is made, the device financier's control is removed, and the device belongs to the buyer.

Challenges

Missed EMI Payments
1. Missed EMI Payments:

When buyers fail to make their Equated Monthly Installments (EMIs), the unpaid amounts accumulate, creating a significant financial burden for the financier. 

Missed EMI Payments
2. Risk of Device Misuse or Theft:

The financed devices may be misused or stolen, and the financier may not be able to recover the cost of the device to avoid such incidents, which pose substantial financial risks for the financier, as they may not be able to recover the cost of the device.

Missed EMI Payments
3. Customer Disengagement:

Sometimes, buyers stop making EMI payments and become unresponsive to follow-up calls. This disengagement makes it challenging for financiers to address payment issues and recover outstanding amounts.

Missed EMI Payments
4. Lack of Credit History:

Due to the lack of formal credit history, financiers find it difficult to accurately assess the buyer's creditworthiness. This lack of information increases the risk of payment defaults.

Benefits

Ensure Device Security

Ensure Device Security:

A mobile device financing solution enables financiers to lock devices remotely or turn off certain functionalities, like apps or internet access, if an installment is missed, providing peace of mind that they can still control the device in the user's hands. The device financing solution also gives device financers the right to restrict access to specific applications on the mobile device until the installments are wholly paid.

Ensure Device Security

Encourage Timely Installments:

Device financiers can enforce payment reminders and apply security measures to encourage timely payments. Reminders can be sent before the installment date, and prompts can be sent upon missed installments through device financing platform.

Ensure Device Security

Device Recovery:

Certain features provided by smartphone device financings, like location tracking and remote device lock, help recover devices. Until the device belongs to and is financed by the device financier, the device financier holds complete access to the device. 

Ensure Device Security

Simplify the process:

Financiers can simplify the payment process by automating the scheduling of payment reminders. This user-friendly system allows easy management, enabling financiers to grant or remove access to specific features with just one toggle. We integrate with the ERP system over API.

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