PayU, the global online payment service provider, today 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. 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.
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. 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.
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.”