PayKU reduced the default rates on its smartphone repayments by 50% with NuovoPay
About PayKU
PayKu is a mobile or smartphone financing company under the auspices of PT ITC Auto Multi Finance (IAF Multi Finance). It was founded in 2018. PayKu services are available in more than 150 modern channel stores in Greater Jakarta and others.
Business Goals
With the backdrop of economic growth and technological advancements in Indonesia, PayKU aims to expand its market presence and continually develop products to meet the evolving needs of Indonesian consumers. The company is dedicated to expanding its network, strengthening relationships with existing partners, and providing exemplary services. PayKU envisions itself as the Smart Way to a Smart Life.
Challenges Faced by PayKU
Defaults in EMI Payments: PayKU struggled with high default rates in monthly EMI payments for financed smartphones.
Inventory Management: Tracking the payment cycles of a large inventory of devices without a proper technological platform in place posed significant challenges.
Manual Management: The manual handling of financed devices led to inefficiencies and increased the risk of errors.
Solution
In response to PayKU's challenges, NuovoPay provided a comprehensive solution designed to streamline operations and enhance customer experience.
Timely EMI Repayments
NuovoPay's platform facilitated timely EMI repayments, reducing default rates and missed payments significantly.
Major Features
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Remote locking
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Payment notifications
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Automated payment reminders
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Phased locking
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Security restrictions
Key Benefits for PayKU
Communicative and Informative Dashboard
NuovoPay's solution offered a user-friendly dashboard, facilitating clear communication and informed decision-making.
Automated Payments Management
The platform streamlined payments, reducing manual efforts and errors.
Scheduling of Payment Reminders
Automated reminders ensured that customers were always aware of upcoming payments.
Remote Device Locking & Unlocking
Enhanced security measures allowed PayKU to remotely lock and unlock devices as needed.
Key Results
Devices Financed
Payment Collection Rate Increase
Default Rate Reduction
Geographic Reach
Customer Testimonial
“Indonesians love to be at par with the latest tech and trends, especially when it comes to their smartphones. They want to change their smartphones every year. Because of NuovoPay, we can fuel this technological growth and advancement in the country and make it financially feasible for people to buy a smartphone.”
Putra Pamungkas,
Product Development Section Head, PayKU
