LazyPay, buy now pay later solution by PayU Finance, has started ‘LazyPay EMI’, where merchants can offer instant cardless EMI option to their consumers for ticket size upto ₹1 lakh. 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. It 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.
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 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.
Currently, India has more than 150 million users transacting digitally, however, only 30 million consumers have credit cards.
LazyPay EMI will 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.
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.”
“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 added.
