PayJoy has developed technology that helps facilitate credit in emerging markets for consumers looking to purchase a smartphone; they enable consumers with no bank accounts or credit history to obtain an installment loan; the phone is used as collateral on the loan with software that locks the phone if they user misses a payment; this is a financial inclusion initiative as smartphone adoption is one of the key stepping stones to the broader adoption of financial services; PayJoy operates in 10 developing countries but is based in San Francisco. Source.
