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Key Points
- Prosus’ digital finance arm, PayU deepens its partnership to incorporate Amazon Pay Later into its checkout process, driving increased sales and customer loyalty.
- This partnership signifies a significant step towards democratizing access to credit in India.
- PayU’s management emphasized the transformative potential of the partnership with Amazon Pay Later on India’s digital credit landscape.
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 growth
India’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.”
Koos Bekker’s net worth soars to $2.9 billion
Koos Bekker, a visionary entrepreneur and key architect of success for companies like Prosus and its parent company, Naspers, has seen his net worth surge by $600 million this year to $2.9 billion. His stake in Prosus NV (0.76 percent) and Naspers (0.96 percent) contributes significantly to his wealth, solidifying his position as one of Africa’s wealthiest individuals.
PayU’s enhanced partnership with Amazon Pay Later aims to bridge the gap between eligible and active credit users in India, expanding access to digital credit and driving growth in the digital economy. This collaboration seeks to increase financial inclusion and support the country’s rapidly growing online transactions.
