PayU acquires Zooz to take on international payment services
Summary
A week after PayPal led a $50 million round in the cross-border payment specialist PPRO, one of its big competitors in the developing world has announced an acquisition of its own in the same space. “The reality is that you need to be neutral and work with everyone.” PayU will also invest in adding further features to the Zooz platform, such as fraud management (which you could argue is table stakes these days in payments), real-time reporting and smart routing. While credit cards are very much the norm in the US, globally they account for just under 20 percent of all e-commerce transactions, with consumers and businesses in different geographies developing their own localised payment methods and preferences. This can be a problem for a merchant that is based in one country but interested in selling to people in another — an opportunity estimated to be worth $994 billion globally — if it doesn’t accept whatever the local payment method happens to be. “The unique contribution we bring to PayU is an advanced technological layer which not only helps merchants worldwide to upscale their operations and provide a better customer experience, but also offers analytics and optimization capabilities that equip them with unprecedented insights,” noted Levy, Zooz’s CEO.
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