NEW DELHI: Keeping an eye on small businesses and their ecosystem, LazyPay, a Buy Now Pay Later (BNPL) solution offered by PayU Finance, has announced a partnership with Dukaan, an easy-to-use app that enables retailers to Allows you to create an online store. This partnership will provide BNPL solutions across categories to small vendors and entrepreneurs, enabling them to scale up their operations. For end users, this collaboration will allow a seamless checkout experience for time-efficient transactions.
The collaboration is a testament to LazyPay’s growing merchant ecosystem, reflecting the strong demand for quick, convenient and hassle-free BNPL solutions. Since its launch in 2017, LazyPay’s merchant ecosystem has grown manifold and stands at 46,000 as per the company today.
Varun Vumidi, Head of Payments, LazyPay said, “India is a fast growing economy and SMBs (small businesses) are contributing to the growth in a big way. They are becoming ubiquitous with the increasing adoption of technology. We are excited to partner with Dukan as Buy Now Pay Later solutions enhance the opportunities for SMBs, allowing them to cater to a broader segment of online customers with a penchant for a faster and hassle-free shopping experience.”
For the mobile-first app, around 60% of the merchants of the shop come from Tier II and Tier III markets. Integrating the BNPL solution into the available payment modes will help storekeepers increase sales and encourage first time customers to become repeat customers. The partnership also has the potential to accelerate customer adoption through LazyPay’s strong user base. Apart from quick and seamless checkout experiences, Dukaan will also benefit from LazyPay’s almost 100% transaction success rate.
Shop VP Business Suryansh Kumar said, “Joining hands with Lazypay will be a catalyst for our business, which will help us add to our objective of providing the best services to our customers. We look forward to this collaboration.”
LazyPay is offering its services to SMB merchants, a strategic response to BNPL becoming one of the preferred payment options at the present time. SMBs are considered to be the core of the country’s economic development. According to an industry report, the technology adoption rate among small businesses has increased from 29% to 40% after the pandemic and will be characterized by digital transformation. In addition, BNPL is likely to become the fastest growing online payment option with market share growing 6% from 3% to 9% in 2024, the firm said.
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