PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.
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.
It is a convenience product for anyone to pay later and the facility could extend for amounts from Rs. 3,000 and even up to Rs. 10,000, depending upon customer behaviour.
LazyPay appears as a payment option at the time of checkout on websites and apps integrating the product. It provides users a deferral 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.
"At PayU India, our endeavor is to provide world class experiences to consumers and drive higher conversions for merchants. LazyPay is the perfect example of our philosophy of simplifying the online payment process, wherein we separate the purchase and payment experiences and provide a deferral payment facility to the consumer. Furthermore, as a consumer-centric product, Lazy Pay delivers instant gratification to consumers, even thought they might be out of funds at the time of placing the order," said Managing Director PayU India, Jitendra Gupta.
"We want to provide users a privileged experience for payments, just like frequent flyers would experience privileges while checking-in at airports. We aim to recreate the kirana store experience where a shop owner allows you to take products home and pay later because he is acquainted with you," added Gupta.
The pilot for LazyPay went live in March 2017 and the initial response has been very encouraging. Within a month, LazyPay has 5 big merchants and more than 12 smaller merchants onboard including Zomato, Box8, Jazz Cinemas, Netmeds and Innerchef.
More than 10 million users have been qualified for LazyPay so far and the system is equipped with algorithms that will write off debts in real time. The said algorithms put in place for dynamic, real-time underwriting, are based on 80-odd variables. Proactive analytics and machine learning algorithms are a part of the internal architecture.
PayU India plans to invest USD 50 million in LazyPay over the next couple of years. The company aims to get over five million users onboard in the next one year. PayU India has largest merchant distribution network in the online payment space, which it will utilize for expansion.
Disclaimer: No Business Standard Journalist was involved in creation of this content
