PayU India's LazyPay Launches Instant Digital Credit via UPI and Bharat QR
LazyPay, PayU India’s consumer lending platform has launched a revolutionary credit offering that enables users to use real-time credit across offline merchants and e-commerce platforms via UPI and Bharat QR Codes. With this launch, LazyPay is now available in both online and offline and users can also avail short term credit and pay later in 15 days.
Speaking about this launch, Pallav Jain, Country Manager, PayU Finance, says, “Enabling credit through UPI and Bharat QR is another significant step towards our vision to provide fast, convenient and seamless credit access to our customer base in India. It is a reflection of consumers' evolving shopping behavior and our efforts to stay aligned with LazyPay customers through relevant offerings. It makes shopping more affordable for the consumers by allowing them to access credit seamlessly as part of the purchase and pay later at their convenience”.
However to avail this facility, users must update their KYC on the app and have a pre-approved credit line with LazyPay. After registering through the app and successfully setting up LazyPay UPI handle, users will be able to carry out transactions at different merchants, online and offline and pay later. Users have to scan and click on pay option on LazyPay app and scan the UP or Bharat QR code at the merchant to make payments. It can be used to order food at their favorite outlet, book travel tickets, pay for the cab rides, purchasing groceries or buy the trending gadgets and more.
Personal loans have seen a growth of over 25 percent in the past 2-3 years and the fourth quarter of FY18 as it grew 31.3 percent. LazyPay now aims at driving credit penetration by providing financial solutions that are simple yet transparent, frictionless and accessible to all by offering ‘Credit Anytime Anywhere’. Also, the repayment option lets users to choose the pay later option that allows interest-free 15-day credit check out. In addition, the users will also have the option to convert their high-value transactions in affordable monthly EMIs at the time of the transaction and this is a first for a digital credit or pay later app in the country.
Started in 2017, LazyPay intends to provide convenience and accelerate the checkout process. Its platform came out with incredible success among consumers with 1million app downloads and about 1million+ loans being disbursed every month. LazyPay is now a quick destination for all the credit needs including instant EMIs, personal loans and an option to Pay Later across 100+ apps and websites such as Swiggy, BookMyShow, Croma and others.
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