– Adds 150,000 new users each month in 2021 as a request for deferred payments in India increases
Highlights of 2021:
- Onboard ~ 28,000 new merchants through direct onboarding and partnership with major aggregators
- Disbursed more than the INR 250 crore credit value each month
- 5 million transactions each month in 2021
- Objectives to acquire 2 million new consumers by the end of 2022
Mumbai, India, December 24, 2021 / PRNewswire / – As Indians increasingly seek a hassle-free shopping experience, Buy-Now-Pay-Later (BNPL) has emerged as one of the leading payment options in 2021, driving segment growth BNPL. Contributing to phenomenal growth, Lazypay, india PayU Finance’s preferred Buy Now Pay Later solution added 150,000 new users every month in 2021. The popular BNPL platform also integrated 28,000 new merchants, connecting over 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 an effective deployment of the vaccine in India, Lazypay has seen an increase in demand for sectors such as travel, entertainment and food and beverage, with growth of over 300% in November 2021 since the same time last year.
Lazypay saw a 70% increase in user acquisition in 2021 as more and more consumers, especially outside the top 10 cities of India, have turned to the convenient payment option for their purchases. About 60% of the demand for BNPL at Lazypay came from Tier 2 and Tier 3 cities. It paid more than the INR 250 crore credit value each month and completed 5 million transactions per month.
Commenting on growth in 2021, Anup Agrawal, Company manager, Lazypay noted, â2021 was the year of Buy Now Pay Later (BNPL) as the pandemic further pushed the adoption of digital transactions and online shopping. As a simple, convenient and hassle-free option, BNPL has played a key role for consumers looking for alternative financial solutions. solutions for their purchases. It has also helped merchants attract and retain new tech-savvy consumers. We will continue to work to make our solutions accessible to everyone, including underbanked Indians, and to connect them to a diverse set of traders. At Lazypay, we envision multiple growth of BNPL as a segment, as we aim to acquire 2 million new consumers by the end of 2022. “
Recently, Lazypay launched âLazypay EMIâ which aims to meet the changing needs of consumers for affordable credit. As part 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 more than 1,000 merchants in segments such as Edtech, Insurance, Electric Vehicles, Home Furnishings and Healthtech by March 2022. In addition, in the coming year Lazypay will focus on building product portfolios under ‘Buy Now, Pay Later’ (BNPL) with deferred payment, cards, personal loans up to 10 lakhs, products from savings and investment, including gold, and personal finance management.
About PayU Finance:
PayU Finance is a leading digital lender and the NBFC unit of PayU, owner of Lazypay, india preferred solution Buy Now Pay Later and PaySense, a full stack personal loan company (acquired by PayU in january 2020). It offers consumers a full range of credits, from deferred payments to Buy Now, Pay Later at checkout, to digital personal loans. Based at Bombay, PayU Finance is a leader in the field of alternative loans and has disbursed more than $ 300 million in consumer credit. The ambition of PayU Finance is to become a full-stack digital financial services platform to meet all the financial needs (exploited and untapped) of consumers in India.
SOURCE PayU Finance