PayU-owned 'Buy Now Pay Later' (BNPL) provider, LazyPay, went live with 'LazyPay EMI', where merchants can offer instant cardless equated monthly installments (EMI) option to consumers for a ticket size upto 1 lakh. LazyPay EMI is currently live on partner platforms such as Policyboss, Medvarsity, Learningbix, nexopay, among others.
LazyPay is also integrating with PayU payment gateway, to extend the BNPL solution to more than 3.5 lakh PayU-enabled merchants. LazyPay EMI will enable merchants to offer instant signup for credit to customers leading to quicker buying decisions and an increase in sales.
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.
LazyPay's entry into the BNPL affordability play will also allow new-to-credit and non-credit card customers to sign up while shopping, get approved instantly and avail the benefit of splitting up the payment as per their convenience.
The BNPL provider uses analytics to understand customer's background and social footprint and get insights on their purchasing behavior to determine their spending limit. The process is independent of a person's credit score and is more inclusive for new-to-credit consumers.
"Covid has globally changed consumer preferences for credit, with millions of consumers opting for interest-free credit at checkout points on online platforms, and facilitator. 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,'' said Anup Agrawal, Business Head, LazyPay.
The EMIs will range from 3-12 months, with zero to minimal interest. Customers can choose from various flexible repayment options, selecting the mode most convenient to them. By spreading the cost over months, consumers have efficient access to credit, they can manage their finances effectively without having to compromise the instant gratification of making immediate purchases.