Fulgo Mobile and Trustonic Partners to Empower Device Financing: Building Trust in the Financing Ecosystem

Fulgo Mobile and Trustonic Partners to Empower Device Financing: Building Trust in the Financing Ecosystem  

The dream of owning the latest mobile device can sometimes be hampered by upfront costs. To bridge this gap, Buy Now, Pay Later (BNPL) financing has become increasingly popular. However, offering BNPL for mobile devices presents a challenge for businesses, due to the risk of defaults. As a leading Australian mobile device company, Fulgo has partnered with Trustonic, a provider of advanced security solutions for connected devices in Africa, to unlock new possibilities in device financing.  

This collaboration leverages Trustonic’s innovative device locking technology, fostering a secure and trustworthy environment for network operators, distributors, retailers, and, most importantly, consumers.  

The Challenge of Securing Devices  

Traditionally, network operators, distributors, and retailers have been hesitant to offer BNPL plans for mobile devices. The primary concern? Payment defaults. If a customer fails to make payments, the business may not be able to recover the cost and potentially gets stuck with an unusable device. This hesitation limits BNPL program availability for consumers.  

Trustonic’s Solution: Building a Safety Net for Financing  

Fulgo Mobile leverages Trustonic’s innovative device locking technology to create a secure environment for BNPL programs. Here’s how it works: Trustonic’s solution acts as a powerful safety net. In the event of a default, authorised parties can remotely lock the device until the outstanding balance is settled. This mitigates financial risks for businesses, giving them the confidence to extend BNPL options to a wider range of customers.  

This partnership fosters a win-win situation for all parties involved:  

Benefits for Businesses:  

      • Reduced Risk: Trustonic’s locking mechanism minimises financial losses associated with defaults, giving businesses the confidence to expand their financing programs.  
      • Wider Customer Reach: By mitigating risk, businesses can extend financing options to a broader range of customers, potentially reaching new demographics and increasing sales.  
      • Enhanced Customer Relationships: A secure financing program fosters trust with customers, leading to stronger relationships and repeat business.  

Benefits for Consumers:  

      • Greater Accessibility: Financing plans open doors to acquiring new devices, even for those who might not have the full upfront cost available.  
      • Flexible Payment Options: Financing allows users to spread the cost of a device over time, making it easier to manage their budgets.  
      • Improved Financial Literacy: Responsible use of financing plans can promote healthy financial habits and build creditworthiness.  

Expanding Financing Accessibility  

The collaboration between Fulgo Mobile and Trustonic represents a significant step forward for BNPL financing in the mobile device market. By addressing security concerns, this partnership unlocks the potential for wider program availability. This, in turn, increases accessibility for consumers, allowing them to access the latest devices through responsible BNPL options. The impact extends beyond individual transactions, fostering a more inclusive financial landscape within the mobile device industry.  

In essence, this partnership builds trust within the financing ecosystem. Network operators, distributors, and retailers can confidently offer financing plans, while consumers gain access to financing options that empower responsible device ownership. This collaborative approach paves the way for a future where everyone can access the technology they need.  

 

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