Cape Town-based startup, LayUp after recently creating an innovative solution to the traditional lay-by payment system for consumers, decreasing the rate of debt and allowing low-income individuals to purchase goods and services without opting for a credit-based purchase has created a Smart Tech solution that digitizes lay-by for merchants and consumers.
Andrew Katzwinkel, founder of LayUp provides insight into the fintech startups’ unique platform offering.
“LayUp removes the onerous administrative burden from in-store staff, enables easy, remote repeat payments for the consumer and closes the purchase loop – a huge problem in the lay-by space.”
LayUp
Located in Johannesburg, LayUp was founded by entrepreneur Andrew Katzwinkel and officially launched in 2019. Targetting the unbanked population that opts for lay-by payment mechanisms, LayUp has solved an administrative analogue problem with an innovative tech solution. Traditionally lay-by customers are required to complete numerous forms in-store and return to the store to make regular payments.
Katzwinkel provides insight into the aims of the fintech startup.
“Our aim is to easily avail inclusion in the continental financial space across Africa and simplify a payment method that millions of people rely on, to make ends meet – and ultimately to create financial inclusion throughout Africa.”
The innovative solution created by LayUp allows for an account t be activated either in-store or online, approval is provided after an easy one-step sign-up with automated recurring payments to pay off the said purchase. The online platform allows customers to pay off their purchases with either Cash, Debit, Credit card, or instant EFT.
Benefits of utilising the platform
According to the fintech startup, the system allows merchants to improve conversion rates, increase purchase sizes, foster customer loyalty, reduce administration costs and provide access to online reporting tools. Accessing the reporting tools provides insight into consumers’ purchase behaviour, enabling the merchant to improve its business model and increase sales.
In a recent interview, LayUp explains what makes the fintech unique.
“LayUp is unique for many reasons. The obvious reasons are that it is the first to digitise an analogue payment method in the market, which makes it cheaper, faster, and secure for both merchant and customer but the real USP is that LayUp is creating financial inclusion for all South Africans that are locked out the economy and by doing so, is enabling them to become financially savvy but learning what it means to save for something worthwhile on the horizon whilst avoiding unwarranted debt.”
As an omnichannel digital payment plan solution, it encourages healthy financial behaviour for consumers. The fintech plans on expanding its product offering and rolling it out into other African territories.
LayUp is unique for many reasons. The obvious reasons are that it is the first to digitize an analogue payment method in the market, which makes it cheaper, faster, and secure for both merchant and customer but the real USP is that LayUp is creating financial inclusion for all South Africans that are locked out the economy and by doing so, is enabling them to become financially savvy but learning what it means to save for something worthwhile on the horizon whilst avoiding unwarranted debt.
