Kueski, the Latin America-based buy now, pay later (BNPL) provider, will now be available as a payment option for Mexicans making purchases on Amazon.
As a result, Kueski Pay is now available to select Amazon customers, with plans to make it available to all eligible customers in Mexico over the coming months. Kueski explained it hopes the move will make shopping more convenient and customers, with the option to pay over time in bi-weekly instalments.
Amazon customers who choose to use Kueski Pay for their purchase will be able to select plans of up to 12 bi-weekly instalments. The product does not require a credit card, which is significant for the 60 per cent of adults in Mexico who remain unbanked. Meanwhile, over 70 per cent of the population does not have a credit card – ensuring the product maximises inclusion across the region.
Karen Pepper, head of digital payments for Amazon Mexico, explained: “Customers are increasingly looking for flexible payment options to help them meet their purchasing needs.
“Paying in bi-weekly instalments with Kueski Pay is Amazon’s latest initiative to provide customers in Mexico with access to affordable payment methods, and expanding Amazon’s secure financing offers with a simple fee structure demonstrates our commitment that Amazon is for everyone.”
This agreement between Kueski and Amazon enables customers to choose how they want to pay, including via a linked bank account, debit card or cash on affiliate networks.
Increasing access to financial services for Mexico
Kueski has granted nearly 15 million loans to individuals and entrepreneurs throughout Mexico. The company estimates that one in four of the largest e-commerce merchants in the country offer Kueski Pay as a payment solution. At the same time, more than 60 per cent of its customers declare that even though they have a credit card, they still prefer to use Kueski Pay as a payment option due to its flexibility.
Andrew Seiz, SVP of finance at Kueski, also added: “This agreement enables Amazon customers to enjoy, for the first time in Mexico, a buy now, pay later option at checkout. This is a significant step forward for Kueski as a leader in flexible payment solutions.
“Making BNPL available on Amazon Mexico gives millions more people access to the vast Amazon marketplace wherever they are in the country. We are also thrilled to help pave the way forward for BNPL and increase access to financial services for all Mexicans.”