PayU Collaborates With Amazon Pay Later to Provide Immediate Digital Credit

Nitin Konde, Apoorva Bajj

Aug 23, 2024 — 2 min read

PayU Collaborates With Amazon Pay Later to Provide Immediate Digital Credit

A strategic alliance between PayU, a provider of digital financial services, and Amazon Pay Later will increase the availability of digital credit to millions of customers in India. The integration of Amazon Pay Later, a popular buy-now-pay-later (BNPL) service, into PayU's checkout infrastructure will allow online retailers to give customers fast and flexible credit lines.

Among India's 220 million people who could be eligible for credit, only about 77 million (or 35% of the total) are actually making use of various forms of credit, according to data compiled by TransUnion CIBIL.

The goal of this collaboration between PayU and Amazon Pay Later is to help more people get the fast, genuine credit they need to shop online.

"In our opinion, this cutting-edge approach has the potential to greatly improve merchants' bottom lines and revolutionise the way fast credit is used by Indian consumers" stated Nikhil Mehta, PayU's Senior Vice President of Payments Strategy and Partnerships.

PayU to Introduce Amazon Pay Later on Its Offers Engine Platform

Amazon Pay Later will be introduced on PayU's Offers Engine Platform, in addition to the integration that will take place during the checkout process. This platform gives merchants the ability to make personalised offers throughout the checkout process, which further improves the consumer experience and strengthens customer loyalty.

As a result of the incorporation of Amazon Pay Later, customers will have the opportunity to obtain quick credit, which is anticipated to result in an increase in the average ticket size for businesses.

The Director of Amazon Finance, Vikas Bansal, also mentioned that this relationship is a step towards improving customers' access to credit and simplifying their financial transactions. This is something that is being done for customers all around India.

About PayU

Prosus is an investor in PayU, a prominent digital financial services provider in India. PayU's companies are governed by the Reserve Bank of India, and the company provides cutting-edge solutions to fulfil the digital payment needs of the Indian market. The organisations that make up PayU India are working towards a same goal: to build a digital financial services platform that can meet all of their customers' financial demands, both those that have been met and those that have yet to be.

Through its innovative and award-winning technology, PayU has enabled 5 lakhs+ businesses, including some of India's most prominent organisations, eCommerce giants, and SMBs, to accept payments online. With it, companies may accept digital payments through more than 150 different online payment options, including EMIs, pay-later, QR codes, UPI, wallets, and more. It provides easy-to-implement connections across card-based EMIs, pay-later alternatives, and new-age cardless EMIs, as well as comprehensive issuer coverage, making it a favoured partner in the affordability ecosystem. PayU guarantees a smooth checkout process and offers eCommerce firms the best success rates in the market.