Key highlights:
- Adoption rate highest in grocery, food commerce and e-commerce
- Expansion into new segments such as quick commerce, e-commerce and SMBs
- Target to grow merchant base to 150,000 in 2023, with a focus on enabling more in-store payments
In a bid to meet customers where they are, merchants are increasingly adopting Buy-Now-Pay-Later (BNPL) solutions to facilitate frictionless sales and drive business growth. Fueled by strong demand for its offerings, LazyPay – India’s preferred BNPL solution, a product of PayU Finance, grew its merchant network by over 70 percent during the year to reach 48,000.
BNPL is more than a simple payment solution – it offers convenience, affordability and enhances the overall customer purchase experience. Partners offering LazyPay have seen higher cart conversion rates and higher retention rates for customers using the BNPL offering as compared to other payment methods, becoming the main draw to onboard LazyPay. Partnering with retailers in their goal for improved checkout experience, LazyPay has onboarded 20,000 new merchants through direct integration and partnerships with leading aggregators. Sectors that have witnessed significant adoption of the BNPL solution are grocery, food commerce and e-commerce as these applications have become a daily affair for LazyPay users.
LazyPay offers its merchants the dual advantage of access to its pre-approved customer base of 66 million in addition to enabling e-tailers to offer their customers the convenience of deferred payments. Some of the key collaborations this year have been across quick commerce, e-commerce and SMB sectors with retailers such as Zepto, boAt, Licious, ParkPlus, Dukaan, and most recently Meesho. Payment Aggregators like Cashfree and Razorpay have observed increased interest in BNPL offerings from merchants, including CC Avenue who recently signed a deal with LazyPay.
Commenting on merchant adoption of LazyPay, Varun Vummidi, Payments Head, LazyPay said, “Collaborating with a wide range of merchants is aligned with our goal of being a ubiquitous and reliable payment solution. We are committed to supporting our merchant partners through our near 100% transaction success rate, potentially reducing cart abandonment, and providing their customers with a superior checkout experience. In order to enable user access to LazyPay on more merchants, we are targeting to grow our partner network to 150,000 in 2023 and expand our offering to in-store payments. Additionally, we are working closely with merchants to offer bespoke branded BNPL solutions.”
About LazyPay:
Launched in 2017, LazyPay is PayU Finance India’s Buy-Now-Pay-Later offering aimed at providing consumer with convenient checkout options. The company disbursed more than INR 250 crores worth of credit every month with over 5 million transactions per month. Buy-now-pay-later provides small-ticket credit for purchases ranging up to INR 9999. It has emerged as a popular payment method across over 48,000 renowned merchants in its network like Swiggy, Zomato, Samsung, Dunzo, GoAir, amongst others. It aims to acquire 2 million new consumers by the end of 2022.
