LazyPay EMI plans to connect over 1,000 merchants directly
PayU-owned ‘Buy Now Pay Later’ (BNPL) provider, LazyPay, goes live with ‘LazyPay EMI’, offering merchant customers instant cardless Equated Monthly Installments (EMI) option for ticket sizes up to ₹1 lakh can do. LazyPay EMI is currently live on partner platforms like Policyboss, Medversity, Learningbix, Nexopay.
LazyPay is also integrating with the PayU payment gateway to expand the BNPL solution to over 3.5 lakh PayU-enabled merchants. LazyPay EMI will enable merchants to offer customers instant signup for credit, leading to quicker buying decisions and increased sales.
LazyPay EMI plans to directly connect over 1,000 merchants across sectors 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.
LazyPay’s entry into BNPL’s affordability game will enable new-to-credit and non-credit card customers to sign up while making purchases, get instant approval and enjoy split payments at their convenience.
The BNPL provider uses analytics to understand the customer’s background and social footprint and gain insights on their buying behavior to determine their spending limit. This process is independent of an individual’s credit score and is more inclusive for new-to-credit consumers.
“Covid has changed consumer preferences for credit globally, with millions of consumers opting for interest-free credit at checkout points across online platforms and facilitators. Over the next two years, we expect our Buy Now, Later The Pay in EMI product will be the largest contributor to the overall loan disbursement by LazyPay,” said Anoop Agarwal, Business Head, LazyPay.
EMI will range from 3-12 months with zero to minimum interest. Customers can choose from various flexible repayment options, choosing the method most convenient for them. By spreading the cost over months, consumers have efficient access to credit, they can manage their finances effectively without compromising on the instant gratification of making an instant purchase.
,