In a step to expand its presence in high-growth geographical regions,\u00a0PayU,\u00a0the global\u00a0fintech and e-payments division of Naspers,\u00a0has acquired Israel-based payments technology company ZOOZ for an undisclosed amount.\r\n\r\nFounded in 2010 by Oren Levy and Ronen Morecki, ZOOZ provides an open payments platform designed to enable merchants to connect with multiple payment providers. It also helps them consolidate and harmonise their payments data, analyse it, and make smarter data-based decisions.\r\n\r\nAs part of the deal, ZOOZ\u2019s co-founder and CEO Oren Levy and CTO Ronen Morecki will become part of PayU\u2019s global leadership team and will focus on technology and business development.\r\n\r\nZOOZ\u2019s 70-member team of experienced technical and payments experts will also become part of the PayU team with the aim of boosting the business\u2019s technical capabilities.\r\n\r\nFollowing completion of the deal, ZOOZ will be wholly owned by Naspers. The acquisition will enable Naspers to strengthen its payments division in support of its business strategy to expand its financial services to emerging markets that have a long-term growth potential.\r\n\r\nWith the ZOOZ acquisition, PayU\u2019s total sum of investments and acquisitions in global fintech\u00a0will rise to more than $350 Mn since it initiated on a series of strategic moves across the globe in 2016 to open up access to new financial markets for its merchants.\r\nHow Will PayU Leverage ZOOZ's Tech Assets?\r\nAfter the acquisition, the ZOOZ and PayU teams will work together to create a leading, global standard payments infrastructure of the future \u2014\u00a0 a comprehensive, modular, and highly flexible payment OS platform that can support evolving merchant and broader payment industry needs.\r\n\r\nThe payment OS platform is expected to feature fraud management and real-time reporting and smart routing,\u00a0etc, to enable merchant growth globally.\r\n\r\nLaurent le Moal, CEO of PayU, said, \u201cPayU is one of the most active investors in the fintech space and we are always looking for opportunities to innovate and support our merchant clients to grow. By working together to create the first \u2018Payment OS\u2019 platform, we will advance PayU\u2019s mission to help build a world without financial borders.\u201d\r\n\r\nThe development of the\u00a0Payment OS platform comes in the light of a recent partnership between the companies wherein PayU merchants such as Gett and Kiwi.com got access to 2.3 Bn new customers across high-growth markets via the ZOOZ-designed PayU Hub platform.\r\n\r\nThe platform will leverage\u00a0PayU\u2019s payments infrastructure and ZOOZ\u2019s state-of-the-art technology to open up access to new markets for its merchants. The platform\u00a0looks to create a new standard for payments across borders.\r\n\r\nOren Levy, co-founder and CEO of ZOOZ,\u00a0said, \u201cAfter a year-long, productive partnership, our shared vision to create a new global standard in payments infrastructure is becoming a reality with PayU\u2019s acquisition of ZOOZ. The unique contribution we bring to PayU is an advanced technological layer which not only help merchants worldwide upscale their operations and provide a better customer experience but also offers analytics and optimisation capabilities that equip them with unprecedented insights.\u201d\r\nPayU: The Journey So Far\r\nPayU provides online payment services in 16 high-growth markets, dedicated to creating a fast, simple, and efficient payment process for merchants and buyers. PayU has over 250 payment methods and PCI (Payment Card Industry)-certified platforms.\r\n\r\nIn India, PayU claims to cover nearly 60% of the airline business and 80% of the entire ecommerce business. PayU claims that records\u00a0over INR 7,500 Cr worth digital payments per month in India on its platform.\r\n\r\nOne of its offerings is PayUBiz, which caters to clients such as Jet Airways, Amazon, Airtel, Snapdeal, Jabong, Ola, Bookmyshow, insurance companies, etc.\r\n\r\nPayU India also has under its aegis PayUMoney, a secure payment solution that can be used by anyone who wants to collect payments in India. The company claims to cater to over 350K plus merchants all across India.\r\n\r\nEarlier, in September 2016, it had acquired Indian fintech company Citrus Pay for $130 Mn.\r\n\r\nAfter the merger, PayU has been focusing its energies on building its consumer vertical and launched its flagship product LazyPay, an online deferral payment option, in early 2017.\r\n\r\nLazyPay is currently live on merchants such as PVR, Box8, Zomato, Jazz Cinemas, Netmeds, Innerchef, DVois, AbhiBus, Fassos, FreshMenu, and many more.\r\n\r\nIn May 2017, PayU had invested $119 Mn in Hamburg-based technology group for digital consumer credit, Kreditech. Recently, it\u00a0invested $18 Mn in Mumbai-based fintech company PaySense.\r\n\r\nWith the international digital payments market expected to reach $994 Bn in 2020, nearly two-thirds of cross-border business will come from high-growth markets like Asia and Latin America, according to a report by Accenture.