For shoppers

LayUp Logo - Light
SA fintech digitises lay-by for merchants and consumers

SA fintech digitises lay-by for merchants and consumers

“SA fintech digitises lay-by for merchants and consumers” – Ventureburn startup news feature.

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 to 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 an interview with Ventureburn, 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.

Blog Categories

Related content

New Features | Merchant & Customer

Both the Merchant and Customer LayUp Dashboards have been updated to better cater for cancellation...

LayUp partners with eComplete and lands...

LayUp has developed a plugin for e-commerce platform Magento 2, that will increase your online...

Interest-free loans are now a thing...

Interest-free loans, in the way of new lay-by models, are growing increasingly common in South...

LayUp newsletter

Join the LayUp community

Be the first to hear about our news, new products and more

Subscriptions Automated Payment Collections

Register as a merchant

Add your details below and sign up. Once complete,
you’ll receive an email with a link to create your account.

What LayUp product are you interested in?
What eCommerce platform are you using?

We use cookies

Cookies help us deliver the best experience on our website. By using our website, you agree to the use of cookies. Find out how we use cookies.