We recently conducted a webinar in May 2023, exploring the transformative potential of combining mobile device financing and 5G technology to foster digital inclusion in the Asia Pacific.
1. Despite mobile broadband networks covering 96% of the APAC population, only half of it utilizes Internet services
Asia Pacific is a highly populated region, with many countries falling under the purview of densely populated (number of people per square kilometer). 14 Asia Pacific countries have a combined population of more than four billion. In some countries, mobile broadband networks, including 3G, 4G, and 5G, cover around 96% of the population. However, only 1.23 billion users leverage mobile internet services. The digital divide in the region hinders productivity and growth, as access to advanced technologies is uneven within countries and across firms. The major challenge lies in device affordability and the high costs of procuring 5G smartphones.
2. 5G and device financing together fuel the era of digital inclusion in Asia Pacific
With the rightful combination of 5G and device financing, Asia Pacific can experience digital acceleration at speed. However, there is a need to move past the challenges presented by device financing for financers like tracking many financed devices, risk of device theft or loss, delayed payments and EMI fraud, and stopping customers from swapping pre-bundled SIM cards.
Device financing enables individuals and small businesses to acquire digital devices necessary for internet access and financial services. By distributing the cost of devices over time, device financing enhances the affordability and accessibility of 5G smartphones and tablets.
When combined with 5G, device financing can potentially drive rapid digital acceleration in Asia Pacific. However, challenges presented by device financing for financers, including tracking a large number of financed devices, risk of device theft or loss, delayed payments and EMI fraud, and stopping customers from swapping pre-bundled SIM cards, must be addressed.
| Read More: Role of DFRM in Bridging the Digital Divide |
3. NuovoPay’s DFRM solution is key to navigating beyond the challenges of device financing
NuovoPay is a DFRM platform designed to help finance companies and telecom carriers manage the risks of financing devices such as smartphones and laptops. It incorporates modern technologies like default and delinquency management, automation, and third-party integrations for credit risk assessment, risk-based pricing, and fraud detection. By utilizing NuovoPay, finance companies and telecom carriers can effectively handle the challenges of device financing, ensuring better risk management and improved outcomes.
4. Major features of NuovoPay that make it worth
NuovoPay has plenty of features to make device financing a happy journey for financers and end-users.
- Remote locking: You can implement remote locking on financed devices in online and offline modes. You can also schedule auto-lock, and on instances of SIM swap, you can lock the device.
- Automated Payment Reminder: You can be on top of reminding the user about the due payment with automated payment reminders and permanent payment notifications.
- Security Controls: You can block third-party app installation, restrict soft and hard factory reset, disable safe mode reboot, and disallow USB debugging.
- Location Tracking: This anti-theft feature helps you locate lost or stolen devices.
- Phased Locking: You can turn off device features in stages when the payment is past due.
- Block Calls and Messages: You can block non-essential incoming/outgoing calls on Android phones.
5. Make way for NuovoPay for Windows
You can now finance Windows 10 and 11 workstations with NuovoPay’s hassle-free Windows DFRM solution and ensure timely repayments. You can leverage NuovoPay for Windows to:
- Reduce payment default – Remind customers to make payments on time by setting up recurring payment reminders. Apply phased locking to Windows 10/11 laptops if customers fail to make EMI payments.
- Manage disconnected devices – Receive immediate alerts when Windows 10/11 laptops go offline. Keep fraud or suspicious activities at bay proactively.
- Enjoy a tamper-proof solution – Prevent customers from making modifications on financed Windows 10/11 laptops.
Closing lines
Asia Pacific is at the onset of achieving digital inclusivity. NuovoPay’s DFRM solution holds the potential to transform this vision into a reality, ushering in a new digital era in the region. By ensuring secure device financing and enabling individuals to own 5G smartphones, NuovoPay paves the way for diverse avenues of digitalization in Asia Pacific.
Watch the complete on-demand webinar video here.
