Honestly I would prefer to see buybacks because there will be a ton of money spent on tx fees for sending dividends to thousands of token holders. That is just wasted money that could be used for buybacks and the increase of value of the token...
I get your point, but I like the dividend model more.
The PAY token accumulates ETH on the same address, and you can transfer & spend that ETH directly through your TenX card. No need to sell any of your PAY tokens, you always keep your initial investment without thinking. If you want to sell, you can always sell, the price will rise nonetheless.
But there are alternatives if you don't like the design of the PAY token. You could buy the tokens of TenX´s competitors, I think they all use some kind of buyback.