The availability of this BNPL product on the platform results from a new partnership of Amazon Mexico and Kueski, a provider of BNPL and personal loans in Latin America, the companies said in a Monday (Jan. 29) press release emailed to PYMNTS.
Kueski Pay is now available to select Amazon customers in the country and will be expanded to more in the coming months, according to the release.
This offering will help Amazon Mexico meet the growing demand for flexible payment options, Karen Pepper, head of digital payments at Amazon Mexico, said in the release.
“Paying in bi-weekly installments 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 demonstrating our commitment that Amazon is for everyone,” Pepper said.
Amazon customers who use Kueski Pay will be able to choose a plan with as many as 12 bi-weekly installments, according to the press release.
They can then pay via a linked bank account, debit card or cash on affiliated networks, the release said.
This BNPL option provides a solution for the 70% of adults in Mexico who do not have a credit card and the 60% who are unbanked, per the release.
Kueski Pay is the first BNPL option to be made available at checkout to Amazon customers in Mexico, Andrew Seiz, senior vice president of finance at Kueski, said in the release.
“Making BNPL available on Amazon Mexico gives millions more people access to the vast Amazon marketplace wherever they are in the country,” Seiz said. “We are thrilled to help pave the way forward for BNPL and increase access to financial services for all Mexicans.”
BNPL is emerging as a solution for unbanked and underbanked customers across the world to access financial services for the first time, Kueski CEO Adal Flores told PYMNTS CEO Karen Webster in an interview posted in December 2021.
“The potential we have is we’re not only solving the credit aspect; we’re also solving the payment aspect as well,” Flores said.