That is according to a survey conducted by smart-lock firm Trustonic and Mobile World Live, presented in Barcelona. The study shows that companies that implemented financing models backed by remote-locking technology improved customer retention and expanded their user base.

It also allows operators, retailers, and lenders to broaden access to credit and significantly reduce risk by enabling the temporary deactivation of devices in case of non-payment and their automatic reactivation once the debt is settled.

Meanwhile, more than half of respondents expect to increase the average smartphone selling price by up to 25% thanks to the ability to finance devices for new user segments.