PayJustNow says its buy now, pay later business model offers a healthy alternative to the usual credit terms to which SA consumers have become accustomed. Newborn explains that their service allows online shoppers to pay about 30% for an item at checkout, the difference being guaranteed by PayJustNow to a merchant or retailer. The shopper can then pay the remaining balance at a later date.
The service works by assessing the creditworthiness of a consumer in a very short space of time using the company’s artificial intelligence platforms. McChlery says the system simultaneously checks a number of data points such as the type of card being used, LinkedIn and other professional information, in about 10 seconds. The system also cross-references the information it gathers with one of the large credit bureaus.
The team also discusses how the company makes its money, the evolution of the business model, ways in which data is being used to improve the system, other firms doing similar business, PayJustNow’s entry into physical shops, the future of consumer retail and an outlook for the economy.
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