– Adds 150,000 new users every month in 2021 as demand for deferred payments in India increases Key highlights of 2021: â¢ Onboarding approximately 28,000 new merchants through direct onboarding and partnering with major aggregators â¢ Disbursed over INR 250 crore of credit each month â¢ 5 million transactions each month in 2021 â¢ Targets to acquire 2 million new consumers by the end of 2022 MUMBAI, India, Dec. 24, 2021 / PRNewswire / – As Indians are increasingly looking for a hassle-free shopping experience, Buy-Now-Pay -Later (BNPL) has emerged as one of the leading payment options in 2021, driving the growth of the BNPL segment. Contributing to the phenomenal growth, Lazypay, India’s preferred Buy Now Pay Later solution by PayU Finance, added 150,000 new users every month in 2021. The popular BNPL platform also onboarded 28,000 new merchants, connecting more of 4 million current active users.
As the country battled the second wave of the pandemic, food and hyperlocal emerged as the main segments in the first half of the year. Towards the end of 2021, with the effective deployment of the vaccine in India, Lazypay saw increased demand for sectors such as travel, entertainment and food and beverage, increasing by more than 300% in November 2021 since the same period last year.
Lazypay saw a 70% increase in user acquisition in 2021, as more consumers, especially outside India’s top 10 cities, turned to the convenient payment option for their purchases. About 60% of BNPL demand at Lazypay was from Tier 2 and Tier 3 cities. It disbursed over INR 250 crore in credit each month and completed 5 million transactions per month.
Commenting on growth in 2021, Anup Agrawal, CEO, Lazypay said: â2021 has been the year of Buy Now Pay Later (BNPL) as the pandemic has further pushed the adoption of digital transactions and online shopping. As a simple, convenient and hassle-free option, BNPL has played a key role in consumers seeking alternative financial solutions for their purchases. technology. We will continue to work to make our solutions accessible to everyone, including underbanked Indians, and connect them to a diverse set of merchants. At Lazypay, we envision multiple growth of BNPL as a segment as we aim acquire 2 million new consumers by the end of 2022. ” Recently, Lazypay launched ‘Lazypay EMI’ which aims to meet the changing needs of consumers for affordable credit. e of the offer, merchants can provide an instant card-less option – EMI (Equivalent Monthly Payments) to their consumers for a ticket size of up to 1 lakh. Lazypay EMI plans to directly integrate over 1,000 merchants in segments such as Edtech, Insurance, Electric Vehicles, Home Furnishings and Healthtech by March 2022. In addition, over the coming year, Lazypay will focus on creation of product portfolios under “Buy now, pay later”. (BNPL) with deferred payment, cards, personal loans up to 10 lakhs, savings and investment products, including gold, and personal finance management.
About PayU Finance: PayU Finance is a leading digital lender and NBFC unit of PayU, which owns Lazypay, India’s preferred solution Buy Now Pay Later and PaySense, a comprehensive personal loan company (acquired by PayU in January 2020). It offers consumers a full suite of credits, from deferred payments to Buy Now Pay Later to cash and digital personal loans. Based in Mumbai, PayU Finance is a leader in alternative lending and has disbursed over $ 300 million in consumer credit. The ambition of PayU Finance is to become a comprehensive digital financial services platform to meet all the financial needs (exploited and untapped) of consumers in India.
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