22 Aug 2024
Prosus’s PayU partners with Amazon Pay Later to give millions of Indian shoppers access to instant digital credit
PayU, one of India's leading digital financial services providers, will partner with Amazon Pay Later to extend instant digital credit access to millions of Indian shoppers. Amazon Pay Later, a popular buy-now-pay-later (BNPL) service, will be integrated on PayU’s advanced checkout infrastructure, enabling online Indian merchants to offer instant, flexible and convenient credit line to their customers, helping them drive better business revenues.
With India’s credit-eligible population estimated to be around 220 million, only about 77 million (35%) are currently using credit products as per a report by TransUnion CIBIL, showcasing a significant credit gap. Amazon Pay Later and PayU will come together to address this gap by democratizing access to quick and legitimate online credit for the end-consumers.
Expanding on this partnership, PayU will also introduce Amazon Pay Later service on its Offers Engine Platform. This plug and play platform by PayU enable merchants to create customized offers on checkout across payment modes for their customers. Through this integration, businesses will be able to deliver an option to their customers to avail instant credit, helping them improve ticket size while driving customer loyalty.
Nikhil Mehta, Senior Vice President - Payments Strategy and Partnerships – PayU said, "We are thrilled to introduce Amazon Pay Later to millions of Indian consumers through our industry-leading payments checkout platform. We believe this innovative solution is poised to significantly impact the way instant credit is accessed and utilized by consumers in India, while also helping merchants achieve better business outcomes.”
Vikas Bansal, Director, Amazon Finance, said, “We are excited to provide Amazon Pay Later through PayU and it allows us to further facilitate credit access, enhance flexibility, and simplify financial transactions for millions of customers. We are committed to fostering innovation and building partnerships that deliver exceptional value and help us provide a convenient, trusted, affordable experience for all."
About PayU
PayU, one of India's leading digital financial services providers with Prosus as an investor, operates businesses that are regulated by the Reserve Bank of India and offers advanced solutions to meet the digital payment requirements of the Indian market. PayU India companies aim to create a full-stack digital financial services platform to serve all (tapped and untapped) financial needs of customers through technology solutions.
PayU provide payment gateway solutions to online businesses through its cutting-edge and award-winning technology and has empowered 5 lakhs+ businesses, including India’s leading enterprises, e-commerce giants and SMBs. It enables businesses to collect digital payments across 150+ online payment methods such as Credit Cards, Debit Cards, Net Banking, EMIs, pay-later, QR, UPI, Wallets, and more. It’s a preferred partner in the affordability ecosystem, offering the maximum coverage of issuers and easy-to-implement integrations across card-based EMIs, pay-later options and new-age cardless EMIs. PayU offers e-commerce brands best-in-industry success rates while ensuring a seamless checkout experience.