LazyPay, a first-of-its-kind premium deferred payment facility for consumers by PayU India, has announced its entry into consumer durables by bringing Samsung and Croma on board for its buy now pay later offering.
LazyPay has already seen a huge surge in its user base for food delivery, ticket booking and bill payments for its buy now and pay later services. On the heels of this success, it has partnered with the electronic giants to offer buy now pay later option when purchasing a Samsung product and any product from Croma on their respective websites.
Launched in April 2017, LazyPay has already tied up with more than 50 merchants across food, travel, entertainment, bills payment, etc. The merchants include Swiggy, ACT, Freshmenu, PVR, Zomato, Redbus, Faasos, Samsung, Croma, Foodpanda, Box8, Jazz Cinemas, Netmeds, to name a few.
Overall, LazyPay merchants have recorded an average 75 percent increase in retention rate and 97 percent + success rate at checkout. LazyPay's 'buy now pay later' offering has helped merchants improve customer repeat purchase as well due to the convenient single-click payment.
"Our aim with LazyPay has been to separate the purchase and payment experiences and provide a deferral payment facility to the consumer. In 2018 we will continue to see consumers using 'buy now pay later' offering for food ordering, consumer durables more so and other utilities. We will also see a rise in high ticket transactions such as EMI and cash loans. We will strive to be the preferred partner for credit," said managing director, PayU India, Jitendra Gupta.
"LazyPay provides the most convenient way to pay for the customer, resulting in zero drops in transactions. Since transactions at Croma are of relatively higher value, success rate becomes all the more important to us and saves hassle for our customer at the time of purchase. We are looking forward to extending the partnership with LazyPay and offer the same convenience for the purchase of higher value products also," said head- ecommerce and big data, Croma, Maneesh Mittal.
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LazyPay was launched with the aim of aiding digital transactions for any amount between Rs. 500 and 10,000, and an option to purchase at the moment and pay later. The offering has seen tremendous success, with LazyPay seeing an average ticket size of Rs. 700. The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero-drop situation for online payments.
LazyPay appears as a payment option at the checkout on websites and apps integrating the product. It provides users a deferred payment facility for 15 days with a transaction limit decided as per the purchasing behavior of every individual. Select consumers can now simply shop via LazyPay and conveniently settle the dues during the payment cycle instead of having to feed in card details or net banking credentials. This further makes the transactions smooth and seamless without transaction failures, need for passwords, etc.
In 2018, PayU India also has added LazyPay on Citrus app to make the end-to-end process smoother for the users. LazyPay will also continue to increase credit limit for the existing customers.