PayU, an online payment service that is available in 50 emerging economies, has announced that it will be expanding into Ghana and making a number of major improvements to its products, such as Payflex in South Africa and both Scan to Pay and Pay by USSD in Nigeria.
Buy Now Pay Later (BNPL) services are gaining traction in Africa, particularly among the digitally literate and unbanked people who want to take advantage of the instalment-based payment solution. Payflex is the first and largest BNPL player in South Africa, having launched in 2019. The option of staggered product payments has never been more appealing to consumers around the world during times of economic uncertainty. Payflex is just one of PayU’s several credit options, which include Mobicred, Lulalend, and RCS.
Consumers in South Africa may now pay in four equal and interest-free instalments thanks to PayU’s relationship with Payflex, allowing them more access to money and control over how they pay.
PayU’s capabilities in Nigeria are being expanded through Pay by USSD and Scan to Pay. USSD is a widely used means of money transmission in the country. Users who don’t have a smartphone or data/internet connection can use the *99# number to access mobile banking and do things like move money between accounts, check account balances, and make bank statements.
While Africa’s internet economy will more than double in value over the next three years, certain nations in the area still trail behind in terms of data affordability, with Nigeria charging $0.88 per gigabyte on average. PayU’s goal is to make a world without financial limits, and this solution shows how the company is using cutting-edge technology to help people who don’t have bank accounts get access to financial services.
In Nigeria, Scan to Pay is a popular approach that allows shops to show a QR code that accepts Visa and MasterPass using local QR codes. This means that both businesses and consumers can save money by allowing users to scan a QR code with their banking apps and pay directly from their bank accounts.
Scan to Pay is different from many other ways to pay because it doesn’t need the infrastructure that is usually needed for electronic payments, like payment cards, payment networks, terminals, or corporate accounts.
PayU’s customers can now provide a better and more inclusive experience in their online businesses with popular and accessible local payment methods thanks to the ability to tap into these new and popular payment methods. Small and medium-sized businesses (SMBs) in both the United States and around the world will benefit from these solutions because they will help them grow their customer base and strengthen customer loyalty through preferred payment methods.
Furthermore, PayU now offers Ghana as a new market for its merchants to expand into with a single connection via the PayU Hub. Merchants may now accept card payments as well as popular local mobile money payment options like MTN MoMo, Vodafone Cash, Tigo Pesa, and others from Ghanaian customers.
PayU South Africa CEO Karen Nadasen noted that,
“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.
PayU’s payments division’s global CEO, Mario Shiliashki, 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 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 on being able to introduce new product offerings that enable both our partners and the consumers they serve to move closer towards full financial inclusion. “
