LazyPay introduces 'Scan & Pay Later' feature for UPI QR codes, targets 10M users in the next 12 months
PayU’s consumer lending platform LazyPay on Wednesday announced the launch of 'Scan & Pay Later’ offering on its platform, allowing users to access real-time credit across retail outlets and ecommerce platforms using UPI QR codes.
According to PayU, the ‘Scan & Pay Later’ will offer UPI-based digital credit of up to Rs 1 lakh and allow users the flexibility to pay later in 15 days or opt for monthly instalments ranging from three to twelve months.
Commenting on this development, Pallav Jain, Country Manager, PayU Finance Ltd, said,
“LazyPay 'Scan and Pay Later' is another significant step towards our vision to enable fast, convenient and seamless credit access to our customer base in India. It is a reflection of consumers' evolving shopping behaviour and our efforts to stay aligned with LazyPay customers through relevant offerings. It makes shopping more affordable for consumers by allowing them to access credit seamlessly as part of the purchase and pay later at their own convenience”
In the initial phase, ‘Scan and Pay Later’ facility will be available only to select LazyPay customers.
To avail this facility, it is mandatory for users to update their KYC on the app and have a pre-approved credit line with LazyPay.
On completing their registration through the app and setting up the LazyPay UPI handle, users will be able to carry out transactions at different merchants (accepting UPI or Bharat QR payments) and pay later.
The amount will be deducted from their pre-approved credit limit with LazyPay.
Users can also use this option to order food, book travel tickets, pay for daily cab rides, purchase groceries at kirana stores, or buy gadgets. There is no requirement for minimum purchase value to use this service.
Talking about the repayment, PayU said that the users can choose the pay later option that allows interest-free 15-day credit at checkout. Besides this, the users can also convert their high-value transactions in affordable monthly EMIs at the time of the transaction.
PayU’s LazyPay isn’t the first credit platform that has introduced the ‘Scan and Pay Later’ offering. In February last year, there as Kissht, which also launched the ‘Scan and Pay Later’ feature allowing users to shop on credit using the ‘Kissht QR code’
Started in April 2017, LazyPay is targeting a consumer base of 10 million users in the next 12-18 months, and aggressively looking to disburse $1 billion worth of loans in the next three years.
At present, LazyPay claims to have an existing customer base of more than one million users and issues more than $10 million in loans per month.
(Edited by Evelyn Ratnakumar)