PayU announced a partnership with payment technology provider Zooz. Through the agreement, PayU will provide Zooz’s unique technology to its customers, helping to solve the cross-border commerce challenges currently faced by merchants looking to grow and scale in high growth markets.
Additional News at Money2020
The companies will make a second announcement when they appear together in the Atrium Lounge at Money20/20 Europe, taking place in Copenhagen, Denmark from June 26-28. PayU and Zooz executives will also participate in a session at Money20/20 Europe:
• ‘Reaching 2,3B new customers in emerging markets with 1 single API’ - Monday June, 26, June , 4:25PM / Track session #5 - PayU CCO, Matthias Setzer and Zooz CEO, Oren Levy
Zooz facilitates cross-border commerce by connecting merchants to multiple financial and technological entities and payment methods, and Smart Routing™ each payment to the most appropriate provider for that transaction.
Help merchant to adapt to local payment preferences in high growth markets
As Zooz’s first global partner, PayU will extend the reach of its financial services in growth markets by capitalising on Zooz’s state-of-the-art technology to help merchants adapt to local payment preferences and processes.
The next step of the partnership, which is in its induction stage, will be the completion of pilot tests of Zooz’s globally distributed architecture by select PayU customers. The results of these tests and their impact on cross border payments and processes are expected later this year.
Simplyfing access to 85% percent of the world's population
PayU CCO Matthias Setzer said, “High growth markets make up 85 percent of the world’s population, and ambitious merchants are increasingly attracted to the business opportunities this presents. However, they are held back by cumbersome cross-border payment infrastructure and processes. That’s why we are delighted to partner with Zooz, using its unique payments technology to help us solve some of the difficulties facing merchants.
“This announcement is another example of PayU seeking the best international partnerships to build on our heritage in payments and deliver innovations that help merchants scale in high growth markets.”
Zooz CEO Oren Levy stated, “With its impressive track record in high growth markets, PayU is clearly aware of the opportunities and barriers faced by international merchants. The combination of PayU’s expertise and customer base with Zooz’s advanced technology platform is a natural fit, and we look forward to helping merchants gain access to new global markets and opportunities.”
PayU uses its payments heritage and expertise to deliver financial services in emerging markets. Our local operations in Asia, Central and Eastern Europe, Latin America, the Middle East and Africa enable us to be experts in these countries and provide the best solutions for the local market.
PayU is the leading online payment service provider in 16 high growth markets, dedicated to creating a fast, simple and efficient payment process for merchants and buyers. Our 250+ payment methods and PCI certified platforms are designed to meet every consumer’s needs.
The markets in which PayU operates represent a potential consumer base of nearly 2.3 billion people and a huge growth potential for merchants. PayU has more than 1,800 payment specialists based in these local markets supporting PayU’s 200,000+ merchants and the millions of consumers making online payments.
Zooz provides a payments platform designed to help merchants maximize their payments performance. It offers the flexibility to connect with multiple financial institutions, seamlessly integrate acquirers, e-wallets, alternative payment methods, fraud management and other third-party services, and intelligently route transactions through the entire payment process.
Zooz consolidates and analyzes all payment data to provide valuable information to merchants, enabling them to personalize customer experiences online and in-store. It is the partner of choice for any business seeking to extend reach, reduce decline rates, increase revenues, maintain strong customer relationships and meet the challenges of the dynamic global market. For further information, please go to http://www.zooz.com.
Article sourced from Press Release by PayU and ZooZ, June 6th, 2017