How payo is shaking up the QSR industry with Eat Now, Pay Later
Technology is quickly changing the way we experience restaurants and pay for our meals.
If you’ve ever been in a situation where you’re trying to stick to your budget but don't want to miss out on the next social engagement, then you know how frustrating it can be. Or, you find the perfect restaurant or latest hotspot that you want to enjoy right away but without blowing the budget? Now payo is here to solve these consumer challenges with its revolutionary Eat Now, Pay Later solution.
Payo is a mobile app that allows users to pay for their food at restaurants, bars, and cafes in four easy instalments. This means that they can enjoy their favourite restaurants, and pay for the meal on their terms over four easy instalments.
CEO and co-founder Taf Chiwanza says that technology is quickly changing the way we experience restaurants, and payo is at the forefront of this change. He comments:
"Restaurants are increasingly using technology to improve the customer experience. However, one area that has been lagging behind is payments. With payo, we're changing that by making it easier for people to eat out and pay with flexibility."
Chiwanza believes that restaurants are a major part of the social fabric of Australia, and eating out should be made accessible to everyone. This is why payo has partnered with over 700 restaurants, cafes, and bars in the country, including QSR venues like Royal Stacks, Criniti’s, Gami Chicken, Hecho en Mexico and Brooklyn Depot.
And with Aussies becoming more and more tech-savvy when it comes to payments, it was only a matter of time before someone came up with a solution like payo.
Tech and hospitality
The idea for payo came about when Chiwanza and his co-founders were working in the hospitality industry and realised that there was an opportunity to use technology to make the payment process more efficient and convenient for consumers.
For QSRs, having an Eat Now, Pay Later option can be a game-changer. It can help to increase customer spending, as well as customer loyalty and retention. In fact, payo reports that some of its early adopters have seen a 50% increase in average spend from customers who use the app. Since launching in Brisbane in March 2021, payo has also seen customers return to venues four times after their first Eat Now, Pay Later transaction.
What's more, QSRs can use payo to target a new customer base thanks to the search and discovery map within the app, so customers can find new venues that offer the Eat Now, Pay Later service. With payo, they can enjoy their favourite restaurants without having to worry about budget constraints.
Future forward
As we become more and more reliant on our mobile devices, it's no surprise that the way we pay for goods and services is changing too. And with the rise of new payment technologies, such as contactless payments, mobile wallets, and more recently, Eat Now, Pay Later, the QSR industry is primed for a shake-up.
"In the next five to 10 years, we're going to see a big change in how people pay for their food. QSRs need to be prepared for this and have a plan in place to accept these new payment methods," Chiwanza concludes.
For its part, payo aims to continue looking for ways to improve the payments landscape in hospitality and beyond. With its new products, payo checkout and payo virtual card, it is well on its way to making mobile payments more convenient and accessible for everyone, everywhere.
