PayJoy’s latest survey reveals that 53 % of gig workers gearing up for the 2026 FIFA World Cup in Mexico say access to PayJoy credit was pivotal in getting ready, underscoring how embedded finance is reshaping the country’s informal economy.
Survey Highlights
The study, conducted with Medallia’s Agile Research Tool between May 5 and May 13, sampled 5,300 PayJoy customers across Mexico. While 43 % of respondents plan to generate tournament‑related income, the data points to a broader shift: 73 % believe the World Cup will boost the national economy, 25 % expect household earnings to rise by more than 51 %, and more than half of gig workers (53 %) admit they could not have prepared without PayJoy credit.
How PayJoy Credit Works
PayJoy operates an embedded finance platform that bundles point‑of‑sale (POS) hardware, a mobile app, and a credit‑risk engine powered by alternative data. By evaluating transaction histories, device usage, and behavioural signals, the system extends micro‑loans instantly to users who lack traditional banking relationships. Credit disbursements are tied to specific purchases—smartphones, delivery bikes, inventory—creating a closed loop that reduces default risk and improves repayment predictability.
Why This Matters for the Gig Economy
Mexico’s gig workforce, estimated at 12 % of total employment by the OECD, faces chronic financing gaps. The PayJoy model bridges that gap, enabling workers to acquire the tools needed for surge‑period demand. The survey shows women, younger workers (18‑44), and parents are the most proactive: 49 % of female gig workers are tailoring services for tournament crowds, 60 % of 18‑44‑year‑olds plan upfront investments, and 51 % of full‑time employed parents anticipate a 26 %+ income lift.
Competitive Landscape
PayJoy’s approach differs from traditional fintech lenders that rely on credit bureaus. Competitors such as Kueski and Klar focus on short‑term cash advances, often without a hardware component. By embedding credit directly into device financing, PayJoy creates a “buy‑now‑pay‑later” (BNPL) experience that aligns with the needs of delivery platforms, micro‑retailers, and on‑demand services. This hardware‑first strategy mirrors global trends seen in Square’s merchant financing and Amazon’s Lending program, but with a localized risk model suited to Mexico’s informal sector.
Impact on Enterprise Marketing Marketing Teams
For brands targeting gig workers—logistics firms, food‑delivery platforms, and consumer goods manufacturers—the survey provides actionable intelligence. Marketers can segment campaigns by credit‑access status, tailoring offers that bundle promotional discounts with financing options. Moreover, the data signals a coming wave of “credit‑enabled activation,” where merchants could co‑fund inventory or equipment to accelerate adoption of new products during the World Cup.
Industry Implications
The World Cup is a catalyst, but the underlying trend is the rapid mainstreaming of embedded finance in Latin America. IDC predicts that by 2027, embedded finance will account for 30 % of total fintech investment in the region, outpacing pure‑play digital wallets. Gartner also notes that enterprises that integrate credit into their customer journey can see up to a 20 % lift in conversion rates. PayJoy’s survey validates these forecasts, showing that credit access directly translates into higher anticipated earnings for gig workers.
Future Outlook
As the tournament draws near, the demand for on‑the‑ground logistics, merchandise, and localized services will surge. PayJoy’s model positions it to capture a slice of that demand while also building a data moat for post‑event growth. The real test will be whether the credit‑enabled ecosystem can sustain momentum once the World Cup fades, potentially evolving into a permanent financing layer for Mexico’s burgeoning digital economy.
Market Landscape
Mexico’s fintech sector has exploded over the past five years, with investment inflows exceeding $2 billion in 2023, according to Statista. Open banking mandates are still nascent, leaving a vacuum that embedded finance platforms like PayJoy are eager to fill. Meanwhile, traditional banks are scrambling to launch digital credit products, but they lag in agility and in serving the unbanked. The convergence of high‑mobile penetration (over 85 % as per McKinsey) and a youthful, gig‑centric labor force creates fertile ground for credit‑embedded solutions that can be instantly deployed at scale.
Top Insights
- Credit as a growth lever: 53 % of gig workers credit PayJoy financing as essential for World Cup preparation, highlighting credit’s role as a catalyst for income generation.
- Demographic hotspots: Female gig workers and younger contractors are the most likely to adapt services for event‑driven demand, signaling untapped marketing segments.
- Embedded finance edge: PayJoy’s hardware‑linked credit differentiates it from cash‑advance rivals, aligning risk with tangible assets and improving repayment outcomes.
- Enterprise activation: Brands can leverage credit data to design co‑financed promotions, driving higher conversion rates during high‑traffic events.
- Sustained momentum: IDC forecasts embedded finance will capture 30 % of Latin America’s fintech spend by 2027, positioning PayJoy as an early mover in a rapidly expanding market.
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