Mumbai: LazyPay, India’s Buy Now Pay Later solution by PayU Finance, has gone live with ‘LazyPay EMI’, where merchants can offer instant Cardless – EMI (equated monthly installments) option to their consumers for ticket size upto 1lakh. LazyPay EMI is currently live on partner platforms such as Policyboss, Medvarsity, Learningbix, nexopay etc. LazyPay is also integrating with PayU payment gateway, to extend the BNPL solution to over 3.5 lakh PayU-enabled merchants, to help them offer convenience and affordability to their customers. LazyPay EMI will enable merchants to offer instant signup for credit to their customers leading to quicker buying decisions and an increase in sales.
LazyPay EMI plans to directly onboard over 1,000 merchants across segments such as Edtech, insurance, EVs, home furnishing, and Healthtech by March 2022. The cutting-edge credit solution will empower over 60 million pre-approved users of LazyPay with the convenience of buying desired products or services, both online and offline, without any delay, and pay later in small EMIs. LazyPay’s entry into the BNPL affordability play will allow new-to-credit and non-credit card customers to sign up while shopping, get approved instantly and enjoy the benefit of splitting up the payment as per their convenience.
Currently, India has more than 150 million users transacting digitally, however, only 30 million consumers have credit cards. LazyPay EMI is a strategic response to meet the credit gap prevailing in the market today, and thereby, serve the evolving credit needs of consumers who are underserved by traditional institutes with no access to formal credit but are data-rich and digitally active. LazyPay uses analytics to understand their background and social footprint and get insights on their purchasing behavior to determine their spending limit. This process is independent of a person’s credit score and hence, is more inclusive for new-to-credit consumers.
Commenting on the introduction of LazyPay EMI, Anup Agrawal, Business Head, LazyPay said, “LazyPay has been one of the most preferred BNPL options for consumers across India since its inception in 2017. We first launched a deferred payment product that caters to small-ticket transactions followed by the second version of LazyPay for big-ticket purchases. Our constant endeavor has been to provide world-class checkout experiences to consumers and drive higher conversions for merchants and aligned to this we have embarked on LazyPay ‘buy now pay later’ EMI financing.”
“Covid has globally changed consumer preferences for credit, with millions of consumers opting for interest-free credit at checkout points on online platforms, and facilitator. In the next two years we expect our Buy Now, Pay Later EMI product to be the largest contributor to the overall credit disbursals by LazyPay” he further added.
The EMIs will range from 3-12 months, with zero to minimal interest. Consumers can choose from various flexible repayment options, selecting the mode most convenient to them. By spreading the cost over months, consumers have efficient access to credit – they can manage their finances effectively without having to compromise the instant gratification of making immediate purchases.
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