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  • Payoff has saved US customers over $50 million since 2009
  • With debt rising, financial startups are using behavioural tricks to help people gain control
    401(K), Creative Commons (2012) ©

Payoff: the psychology of motivation

As people seek new tools to manage daily life, Payoff is using behavioural science to help people save money and counter a rising tide of debt. What makes the service a success?

Location United States

With unsecured debt in the US at $2.6 trillion, personal finance startup Payoff is turning to behavioural science to help individuals save money. As people seek new tools to manage daily life, what makes Payoff a success?

Launched in 2009, Payoff is an online platform that offers users a new spin on taking control of their finances. It uses game dynamics to make the process of managing money fun, as well as incorporating social elements to encourage users to share their journey with others. The site, which has helped Americans save over $50 million, is an emerging example ...