Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

PayU launches LazyPay credit using UPI, Bharat QR Code

Pallav Jain

Pallav Jain, Country Manager, PayU Finance

LazyPay, a pay later option to repay online loans started by PayU India, to allow users to access real-time credit across offline merchants and e-commerce platforms using UPI (unified payment interface) and Bharat QR Codes.

Launched in 2017 as ‘buy now pay later’, the feature allows interest free 15-day credit at checkout to the users, who can also convert their high-value transactions in affordable monthly EMIs at the time of the transaction – a first for a digital credit or pay later app in India.
PayU claims to be the first in the country to offer short-term UPI-based digital credit of up to INR half a million on easy monthly installments (EMI) for a tenure of three to twelve months. However, with the launch through UPI and Bharat QR, the LazyPay is now available both online and offline.
Pallav Jain, Country Manager, PayU Finance Ltd. said, “Enabling credit through UPI and Bharat QR is another significant step towards our vision to provide fast, convenient and seamless credit access to our customer base in India. It is a reflection of consumers’ evolving shopping behavior and our efforts to stay aligned with LazyPay customers through relevant offerings. It makes shopping more affordable for the consumers by allowing them to access credit seamlessly as part of the purchase and pay later at their convenience”

To avail the facility, users need to update their KYC on the app and have a pre-approved credit line with LazyPay. On completing their registration through the app and successfully setting up LazyPay UPI handle, users will be able to carry out transactions at different merchants, online and offline and pay later.

The users need to click on scan and pay option on LazyPay app and scan the UPI or Bharat QR code at the merchant to make payments. Customers can also purchase on online websites using instant digital credit through the UPI VPA generated on the LazyPay app. The amount will be deducted from their pre-approved credit limit with LazyPay, the company said in a statement.
It further added that this option can be used to order food, book travel tickets, pay for their daily cab rides, purchase groceries at their neighborhood kirana store or buy the latest gadgets and more. There is no requirement for minimum purchase value for this service, it added.

Related IBS Intelligence Research

Related Posts

NAB

NAB to recruit bankers and advisers for high net wealth clients

National Australia Bank (NAB) announced that it will recruit 50 new bankers and advisers, as part of its new strategy to provide high net wealth clients with a single point of access for their financial needs, ranging from wealth creation, business growth to retirement needs and philanthropic investment. JBWere CEO and leader for NAB Private, […]

This post is only available to members.

Read More »

EQ launches new automated complaints management product

EQ has announced that it is launching a new automated complaints management product for the financial services industry, EQ Complaints Professional. The new solution is expected to enable firms to enforce their FCA compliance immediately as well as continually as regulation changes. Andrew Edler, MD of EQ Charter, commented, “We are delighted to bring this […]

This post is only available to members.

Read More »
bank, FinTech, neobank, smartbanks, challenger banks, Asia

Australia’s big 4 banks welcome the launch of open banking

The Competition and Consumer (Consumer Data Right) Rules went live on July 1, in Australia. This has been welcomed by the big 4 banks of the country – ANZ, Westpac, Commonwealth Bank and NAB where they will be sharing their customers’ data with third parties, when requested by the customer. Angus Sullivan, CBA’s Group Executive […]

This post is only available to members.

Read More »

Lendio facilitates $8 bn in PPP loans to 100,000 small businesses

Lendio, a leading marketplace for small business (SMB) loans, announced that the company has till now facilitated $8 B in Paycheck Protection Program (PPP) loans for 100,000 small businesses. The firm’s partnership with 300 SBA-approved financial institutions and FinTech leaders has helped the company to secure COVID-19 relief funds for several underserved segments of the […]

This post is only available to members.

Read More »