Prize-Linked Banking

Piñata Pay is a prize-linked checking account that rewards account holders every time they save and spend. Account holders receive one ticket in a weekly raffle for every dollar deposited into their account - the more they save, the more tickets they receive. Similar to a credit card, account holders also receive points every time they spend. Our weekly raffles give account holders the opportunity to win $500-$1,000 prizes throughout the month.

 

Problem

Millions of Americans have difficulty paying rent on-time every month.

Goal

Incentivize people to save throughout the month, making it easier to pay rent on-time.

Solution

Incentivize renters to save throughout the month by providing them with a reward every time they save and every time they spend money.

 

Quarterly Transaction Value

 

Impact

  • Over $530k transacted in one month, seven months after launch.

  • Increased savings for most at risk account holders.

  • Increased on-time rent payments for property managers.