PayU, the payments and fintech branch of Prosus, led by South African billionaire Koos Bekker, is expanding its cooperation with Amazon Pay Later. This arrangement will provide millions of Indian customers with rapid credit access, bridging the country’s large credit gap.
The expanded agreement would incorporate Amazon’s buy-now-pay-later (BNPL) service into PayU’s checkout process, enabling Indian retailers to offer customers more flexible alternatives. This initiative tries to enhance sales and consumer loyalty by making credit more available.
India’s loan market is ready to rise
India’s credit sector offers significant growth prospects, with over 220 million people eligible for credit but just 35% actively using credit products. The collaboration between PayU and Amazon Pay Later is expected to democratize credit access, allowing more customers to participate in the digital economy.
Nikhil Mehta, PayU’s Senior Vice President of Payments Strategy and Partnerships, emphasized the partnership’s disruptive potential: “We are excited to provide Amazon Pay Later to millions of Indian consumers via our industry-leading payments checkout platform. This unique technology has the potential to greatly impact how consumers in India obtain and use immediate credit, as well as help merchants achieve better business outcomes.”
Koos Bekker, a successful entrepreneur for companies like Prosus and Naspers, has increased his net worth by $600 million this year to $2.9 billion. His holdings in Prosus NV (0.76 percent) and Naspers (0.96 percent) add significantly to his wealth, cementing his status as one of Africa’s wealthiest people.
PayU’s expanded relationship with Amazon Pay Later seeks to close the gap between eligible and active credit users in India, increasing access to digital credit and driving digital economic growth. This alliance aims to boost financial inclusion and facilitate the country’s fast increasing internet transactions.
