PayU, the payments and fintech division of global investment giant Prosus, led by South African billionaire Koos Bekker, has announced an expansion of its partnership with Amazon Pay Later . This move is set to offer instant credit access to millions of Indian shoppers, addressing a significant credit gap in the country.
The enhanced partnership will integrate Amazon's buy-now-pay-later (BNPL) service into PayU's checkout process, allowing Indian merchants to provide customers with flexible options. This move aims to drive increased sales and customer loyalty by making credit more accessible.
India's credit market poised for growthIndia's credit market presents substantial growth opportunities, with approximately 220 million individuals eligible for credit but only 35 percent currently utilizing credit products. The collaboration between PayU and Amazon Pay Later is expected to democratize access to credit, empowering more consumers to engage in the digital economy.
Nikhil Mehta, PayU's Senior Vice President of Payments Strategy and Partnerships, highlighted the transformative potential of the partnership: "We are thrilled to introduce Amazon Pay Later to millions of Indian consumers through our industry-leading payments checkout platform. 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."
