In an effort to provide more flexibility and accessibility to its customers, Amazon Mexico has announced a new partnership with Kueski, a leading Latin American buy now, pay later (BNPL) provider. Shoppers on the Amazon Mexico e-commerce site can now split their payments into installments, offering a convenient financing option for their purchases.
Amazon Mexico and Kueski partnership
The collaboration between Amazon Mexico and Kueski aims to give shoppers the option to pay for their purchases over time in bi-weekly installments. Kueski Pay, the BNPL platform offered by Kueski, is now available to select Amazon customers, with a plan to make it accessible to all eligible customers over the coming months. By teaming up with Kueski, Amazon is expanding its payment offerings and enhancing the shopping experience for its customers in Mexico.
Availability of Kueski Pay
The implementation of Kueski Pay on Amazon Mexico’s platform is being rolled out in stages. Initially, the service will be available to a limited number of customers, and gradually, it will be extended to all eligible customers aged 18 and older across Mexico. This phased approach ensures a smooth integration and adoption of the new payment option by Amazon’s broad customer base.
Payment options and plans
When using Kueski Pay on Amazon Mexico, customers have the flexibility to choose how they want to pay. They can link their bank account, use their debit card, or even make cash payments through affiliate networks. This diverse range of payment options caters to the different preferences and financial situations of customers.
Furthermore, Kueski Pay allows customers to select plans of up to 12 bi-weekly installments. This extended payment period gives shoppers the freedom to manage their expenses in a way that best suits their budget. By breaking down the total cost into smaller, more manageable payments, customers can make purchases without straining their finances.
Catering to the unbanked population
The introduction of Kueski Pay on the Amazon Mexico platform is particularly significant due to the country’s high percentage of unbanked individuals. According to Amazon data, 60% of adults in Mexico do not have a bank account, and over 70% of the population lacks a credit card. Traditional financing options are often inaccessible to these individuals, making it difficult for them to make larger purchases.
By partnering with Kueski, Amazon is addressing this issue and providing an inclusive payment solution for all. Kueski Pay does not require a credit card, allowing a larger portion of the population to benefit from the convenience of online shopping and flexible payment options.
Customer benefits and flexibility
Karen Pepper, the head of digital payments for Amazon Mexico, emphasized the increasing demand for flexible payment options among customers. With Kueski Pay, customers can meet their purchasing needs without the burden of immediate full payment. The option to pay in bi-weekly installments offers both convenience and affordability, allowing customers to manage their expenses more effectively.
Amazon’s commitment to providing affordable payment methods is demonstrated through the simple fee structure of Kueski Pay. Customers can enjoy the benefits of financing without exorbitant interest rates or complicated terms. This commitment ensures that Amazon remains accessible and inclusive, catering to the diverse needs of its customer base.
Previous financing initiative with Affirm
This partnership with Kueski is not Amazon’s first foray into the buy now, pay later space in Mexico. In August 2021, the e-commerce giant teamed up with Affirm to offer select customers the option to split the total cost of purchases over $50 into monthly installments. The collaboration with Kueski expands Amazon’s financing offers, providing customers with more choices and flexibility when it comes to paying for their purchases.
Conclusion and Impact
The agreement between Amazon Mexico and Kueski marks a significant step in enhancing the online shopping experience for customers in Mexico. By offering a buy now, pay later option, Amazon is addressing the needs of a diverse customer base, including those who are unbanked or do not possess credit cards. The partnership with Kueski demonstrates Amazon’s commitment to accessibility and affordability, ensuring that every customer can enjoy the benefits of online shopping.
Andrew Seiz, the Senior VP of Finance at Kueski, highlights the significance of this agreement as it allows Amazon customers in Mexico to experience a buy now, pay later option for the first time. This collaboration opens up new possibilities for customers, enabling them to make purchases without immediate financial constraints.
In conclusion, Amazon’s partnership with Kueski and the introduction of Kueski Pay on the Amazon Mexico platform herald a new era of accessible and flexible payments for Mexican customers. With this initiative, Amazon reaffirms that it is for everyone, regardless of their financial situation or banking capabilities. As the collaboration continues to expand, more customers will have the opportunity to enjoy the convenience and benefits of buy now, pay later, making online shopping a seamless and affordable experience.