Leading buy-now pay-later (BNPL) provider PayJustNow has just recorded 1 million downloads of its Android app, with roughly 1.5 million of their 2-million strong customer base already registered across all major app stores. The app is meeting an increased demand for convenience and better access to the provider’s retail base of over 2700 merchants at over 8000 locations across South Africa.
Dean Hyde, PayJustNow COO, says that with over R6-billion in approved funds available to these users, there is a significant opportunity to boost South Africa’s retail sector. “The app is fast becoming a shopping ecosystem that serves to connect consumers with retailers, driving as much as a 30% increase in basket size among our retail partners.”
Hyde notes that the platform not only shows consumers where they can shop using buy-now-pay-later, but also allows them to search and discover products and brands using search terms, with the platform recording over 700 000 search queries in September alone.
Hyde notes that the platform drove over 27 million merchant referrals in 2023. “50,000 daily visitors, each of whom logs on 12 times a month, on average, are enabling sustained GMV growth for our retail partners who otherwise wouldn’t have the opportunity to engage these audiences.” The high engagement is a result of advanced algorithms that define individual shopping preferences, and then rank deals and offers from retailers based on past shopping behaviour and affordability, as well as aligning them with the deals viewed or taken up by customers with similar shopping profiles. Retailers’ deals on the PayJustNow platforms are viewed more than 13 million times per month and growing.
When it launched in 2019, PayJustNow was the first BNPL model to structure its repayments around South African salary cycles. This innovation serves to protect BNPL users from having to make repayments at inconvenient times, thus creating greater ease of use when it comes to paying for discretionary purchases and protecting their financial wellbeing.
From a security point of view, PayJustNow is PCI DSS-compliant and its customers trust that their data and payment information is protected in line with the highest standards. Additionally, a selfie verification feature on the app immediately verifies shoppers’ identities with Home Affairs before purchases are processed. From a merchant point of view, PayJustNow accepts the risk of any potential defaults, which remain extremely low according to Hyde.
“The app is incredibly intuitive and easy to use, providing instant refunds into the PayJustNow wallet, that enable consumers to spend immediately, driving revenue back to retailers, instead of waiting for bank refunds.”
PayJustNow has attracted South Africa’s most-loved brands, from eCommerce giants that curate branded shopping experiences, to local favourites, to electronics providers that offer long-term investments like the latest cell phones and appliances. “We aim to continue growing the existing customer base with more payment options being added to the mix, while push notifications will create even more touch points for our retail partners to engage with customers,” says Hyde.
Backed by fintech giant Weaver Fintech – and incorporated into its digital ecosystem of digital financial services, embedded finance, and payments – PayJustNow is evolving from South Africa’s favourite BNPL provider, to a payment platform that serves to connect South African consumers and retailers, providing a one-stop shopping experience.
