PayU, the industry leader in digital payments backed by prosus, has Partnered with Amazon Pay Later to increase Indian consumers’ access to digital credit.
As part of this change, online retailers will be able to provide their consumers with quick, flexible, and easy credit choices thanks to the integration of Amazon Pay Later into PayU’s sophisticated checkout infrastructure.
PayU will also launch Amazon Pay Later on its offers engine platform as part of this partnership. This tool enables businesses to make personalized offers for their consumers at checkout across several payment methods.
This collaboration takes place at a moment when PayU is rapidly expanding in the Indian market.
In the financial year 2023–24 (FY24), PayU India’s revenue increased 11% YoY to $444 million, according to the investment group’s annual report.
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However, because the company was unable to onboard new merchants because of its pending payment aggregator application with the Reserve Bank of India (RBI), this was less than the 31% revenue rise in FY23 and the over 40% spike in FY22.
Nikhil Mehta, senior VP of payments strategy and partnerships at PayU, said, “We believe this solution will impact the way instant credit is accessed by consumers in India, while also helping merchants achieve better business outcomes.”
In April 2024, the Reserve Bank of India (RBI) granted PayU an in-principle authorization to function as a payment aggregator (PA).
PayU’s revenue increased 22% to $1.1 billion on a consolidated basis in FY24. Additionally, it was able to reduce its trading loss from FY23’s $83 million to $67 million, a 23% improvement. The “closure of the loss-making digital bank offering in India and cost optimization,” according to the corporation, is what caused this improvement.
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PayU closed its LazyCard, a prepaid card that was secured by a credit line, in the fiscal year. Prosus reported in November 2023 that the action improved overall profitability and reduced losses in the group’s fintech and payments segment.
It is important to remember that PayU India is reportedly planning to go public in 2024.
About PayU
PayU is the fintech and payments division of Prosus, a multinational consumer internet conglomerate and one of the world’s biggest technology investors. Prosus is primarily owned by Naspers and is listed as AEX:PRX on Euronext Amsterdam and XJSE:PRX on the Johannesburg Stock Exchange.
About Amazon Pay Later
Amazon Pay Later is the easy method to earn instant digital credit for EMI purchases.
