LazyPay, a “buy before you pay” (BNPL) provider owned by PayU, has enabled “LazyPay EMI”, in which merchants can provide consumers with instant cardless equal monthly installment (EMI) options, with fares as high as 100,000. LazyPay EMI is currently running on partner platforms such as Policyboss, Medvarsity, Learningbix, and nexopay.
LazyPay also integrated with PayU payment gateway, expanding the BNPL solution to more than 350,000 merchants that support PayU. LazyPay EMI will enable merchants to provide customers with instant registration credit to make purchase decisions faster and increase sales.
By March 2022, LazyPay EMI plans to directly provide services to more than 1,000 merchants in the fields of education technology, insurance, electric vehicles, home and health technology. The credit solution will provide more than 60 million pre-approved LazyPay users with the convenience of purchasing the products or services they need. Online and offline services, without any delay, and will be paid later with a small EMI.
LazyPay’s addition to the BNPL affordability game will also allow new credit card and non-credit card customers to register when shopping, get immediate approval and take advantage of the benefits of splitting payments according to their convenience.
BNPL providers use analytics to understand the background and social footprint of their customers, and to gain insights into their buying behavior to determine their spending limits. This process is independent of the individual’s credit score and is more tolerant to new credit consumers.
“Covid has changed consumer preference for credit globally. Millions of consumers choose to obtain interest-free credit at checkout points on online platforms and service providers. In the next two years, we expect us “Buy first, pay later” EMI products will become the largest LazyPay business manager Anup Agrawal said.
The term of EMI is 3-12 months, and the interest is zero to the lowest. Customers can choose a variety of flexible repayment methods and choose the most convenient method. By spreading the cost over several months, consumers can effectively obtain credit, and they can effectively manage their finances without sacrificing the immediate gratification of buying immediately.