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.
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by Priyanka Pani
Senior Regional Correspondent, Middle East and Asia
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