PayU Finance Rolls out EMI option under Lazypay service
Lazypay, the 'buy now pay later' service from digital lender PayU Finance, has launched an EMI option to its customers wherein merchants can offer instant cardless-EMI option to their consumers for ticket size upto 
1 lakh.
Lazypay EMI is currently live on partner platforms such as Policyboss, Medvarsity, Learningbix, Nexopay and is also integrating with PayU payment gateway to extend the solution to over 3.5 lakh PayU-enabled merchants.
The EMI service will enable merchants to offer instant signup for credit to their customers leading to quicker buying decisions and an increase in sales. PayU Finance is a digital lender and the NBFC unit of PayU which owns Lazypay, and Paysense which is into personal loans.
In addition to providing affordability and comfort of shopping by analysing user-data points basis factors like their background and social media insights, the solution will also take into ambit individuals who have no prior credit history or a score. The market offers potential given that even though India has more than 150 million users undertaking digital transactions, only 30 million consumers possess a credit card.
As per reports, the company plans to onboard over 1,000 merchants across Edtech, insurance, EVs, e-commerce, and Healthtech segments by March 2022, while empowering around 60 million pre-approved users of LazyPay with the advantage of buying desired products or services, both online and offline, without any delay, and pay later in small EMIs.
Anup Agrawal, Business Head, LazyPay says, “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 endeavour 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 facilitators".
In the next two years, the company expects its Buy Now, Pay Later EMI product to be the largest contributor to the overall credit disbursals by LazyPay, he added.
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