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PayU Africa improves its services through strategic product updates and expansion into Ghana

South Africa/London, [08 June 2022]: Today, PayU, the leading online payment service provider operating in 50 emerging markets, announces that it is strengthening its foothold in Africa with expansion into Ghana and a number of strategic product updates: Payflex in South Africa, as well as both Scan to Pay and Pay by USSD in Nigeria.

 

Across Africa, Buy Now Pay Later (BNPL) services are gaining traction with digitally savvy and unbanked populations looking to leverage the instalment-based payment solution. Launched in 2019, Payflex is considered the first and largest BNPL player in South Africa. During times of economic volatility, the possibility of staggering product payments has never been more attractive to consumers around the world. Payflex is just one addition to PayU’s already wide range of credit offerings including Mobicred, Lulalend and RCS.

 

Through PayU’s partnership with Payflex, consumers in South Africa now have the ability to pay in four equal and interest-free instalments, creating greater access to funding and autonomy on how consumers pay.

 

PayU is also extending its capabilities through Pay by USSD and Scan to Pay in Nigeria. USSD is a popular method of transferring money in the country. USSD allows users without a smartphone or data/internet connection to access mobile banking through a *99# code for fund transfers, checking account balances, generating bank statements, among other uses. While Africa’s internet economy will more than double in value over the next three years, certain countries in the region are still lagging behind on affordable data with Nigeria charging an average of $0.88 per gigabyte. PayU’s goal is to build a world without financial borders and this solution is indicative of how PayU is offering cutting-edge technology to promote financial inclusion even in unbanked sectors of society.

 

Scan to Pay is a popular method in Nigeria, which allows merchants to display a QR code which supports Visa and MasterPass through local QR codes. This means that businesses and consumers alike can avoid unnecessary third party involvement and fees by allowing their customers to scan a QR code with their banking apps and pay directly from their bank accounts. Unlike many other payment methods, Scan to Pay does not require infrastructure traditionally associated with electronic payments such as payment cards, payment networks, terminals and business accounts.

 

By introducing the ability to tap into these innovative and popular payment methods, PayU’s customers are now able to provide a better and more inclusive experience in their online shops with popular and accessible local payment methods. These solutions will help both local and global SMBs by increasing their consumer reach and building customer loyalty through preferred payment methods – this in itself is key in converting sales.

 

In addition to this, PayU now offers Ghana as a new market for its merchants to expand into, via a single integration through the PayU Hub. Merchants can now offer Ghanaian shoppers the ability to pay by card, and popular local mobile money payment methods such as MTN MoMo, Vodafone Cash, Tigo Pesa and more.

 

Karen Nadasen, CEO, PayU South Africa: “At PayU, we pride ourselves on our global reach and local expertise. We are always looking for ways to improve our services and ensure that our merchants have the tools to expand into new markets. We are also dedicated to enabling alternative methods of payment, catering to the preferences and needs of consumers in each market.

 

That is why we are excited to announce these developments in Africa. Enabling access to popular local payment methods or even more specific-to-market alternative payment methods such as MTN MoMo, is key for our merchants to flourish in this region.”

 

Mario Shiliashki, Global CEO of PayU’s payments division adds: “At PayU, we strive to provide the best online payment experience for our merchants and consumers across all our markets. Our recent product updates and partnerships in Africa reflect our aim is to serve the needs of our merchants, particularly during these times of economic uncertainty, to help build their businesses, drive growth and further delight online shoppers. We pride ourselves in being able to introduce new product offerings that enable both our partners and the consumers they serve to move closer towards full financial inclusion.”

 

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India’s take on large scale payments innovation: ‘Leapfrogging’ to lead the pack
shelley.pursell
Wed, 03/29/2017 - 21:05

A new wave of payments innovation is taking place globally and emerging, high growth markets are the ones to watch. Encouraged by increasing customer demand, favourable regulation and unburdened by legacy infrastructure, countries in high growth markets are beginning to lead the pack when it comes to large scale payments innovation.

A great example of this leapfrogging trend can be found in India. As the country’s leading payments services provider, we are seeing first-hand that India is fast becoming a hub of payments innovation and disruption at scale.

India is home to several of the ingredients necessary to encourage new technology to flourish and old systems to make way for new. Key among these ingredients are the increasing customer demand for digital payments, a supportive regulatory environment and a highly skilled tech market.

India’s intense smartphone growth is fueling the rapid adoption of digital payments. With 220 million users, India is now the second largest smartphone market in the world. Given that India has a population of over 1.25 billon, its appetite for mobile products and services is set to continue to boom.

In more established markets, the fact that electronic payments have been a mainstay for some time is the very reason that innovation is often stifled. With legacy infrastructure and entrenched customer behavior – such as the US’ commitment to the cheque – new and innovative payment technologies don’t have an easy path to maturity.

In contrast, smartphone growth in high growth markets such as India enables businesses who are unencumbered by ageing legacy systems to more easily adopt mobile-first, digital solutions. As smartphones become ubiquitous, consumers naturally seek frictionless payments that cater to their expectations. The better the experience on offer, the quicker the uptake will be.

One of the key challenges for innovation in high growth markets is the ability to offer a wide breadth of payment options. Indeed, in high growth markets like India, alternative payments – which refer to payments made using something other than a credit card like cash, coupons, bank transfers, prepaid cards etc. – still represent as many as two-thirds of all payments. This means that although regulatory and legacy system barriers don’t exist, offering a frictionless customer experience remains operationally challenging and cost intensive.

Regulatory support

When it comes to the challenge of how to best support multiple payment types, interoperability and open platforms are critical to help break down the barriers. We’re already seeing European regulators attempting to tackle these issues with the scheduled implementation of the Payment Services Directive 2 (PSD2) in 2018. High growth markets are showing first signs that they will follow suit, looking at their local capabilities and infrastructures and how to make these more open.

Fortunately both Indian consumers and payment providers are supported in this open platform ambition by a progressive regulator that is open to adopting a legislative framework to promote innovation.

This forward-thinking attitude was evident in the RBI’s November announcement of demonetisation, which laid out the mandate for the removal of as much as 86 per cent of bank notes from the market. While the surprise element brought on personal difficulties for many citizens who rely on cash, the impact of this move also almost immediately changed the way people viewed and used digital payments platforms.

At PayU, we saw our daily transaction volume skyrocket by 80 per cent immediately after the announcement was made. It then settled to a 25 per cent increase compared with pre-demonetisation – still a significant number.

While the long-term outcome of this demonetisation is still to be seen, the bi-product is large scale payments innovation, made possible by a regulator ready to disrupt the market.

Tech workforce

India, like many high growth markets, has moved away from a commoditized, service/call centre-based tech economy to become a hub for technology development in its own right. Silicon Valley is no longer the only home for great startups and here at PayU we are working with entrepreneurs from India to Israel to bring world-leading tech to market.

Local market insight is a powerful thing. We’ve encountered startups and growth companies such as Creditas in South America and Zest Money in India that offer world class solutions to advance access to financial services in high growth markets.

India the leapfrogger

This combination of consumer appetite, supportive regulation and a thriving entrepreneur community has laid the necessary foundation for India to leapfrog over more established markets.

The conversation about high growth markets and financial services is no longer just focused on inclusion. With a strong pace of change, more and more payments companies from emerging markets are becoming the global leaders when it comes to worldwide payments innovation.

Attributed to Laurent le Moal, CEO, PayU