A unique and innovative revolving credit line by LazyPay, LazyPlus will enable credit access across India
MUMBAI, India, Sept. 8, 2020 /PRNewswire/ -- PayU Finance, India's leading alternate lending platform, launched a first-of-its-kind digital revolving credit line called 'LazyPlus' that combines the power of UPI and the Buy-Now-Pay-Later concept. The solution, part of the LazyPay offering, is a strategic response to the market's demand for easy access to credit across online and offline platforms and bespoke pay-later options. Customers can set up their accounts using a 2-minute KYC process as the newly launched solution seamlessly integrates into the LazyPay app.
Hinged on the same principles of LazyPay, users do not have to go through the tedious process of linking their bank account(s) with UPI to access credit via LazyPlus. Based on the user's credit history and payment behavior, LazyPlus will offer a credit limit (upto INR 1 lakh) to users for undertaking UPI transactions at stores (online & offline). LazyPlus enables users to access real-time credit using UPI across omnichannel networks, including offline merchants and e-commerce platforms.
Users of LazyPlus also have the option to make part-repayments in case they are unable to repay in a monthly billing cycle with its Revolve feature. This feature enables users to pay a Minimum Amount Due (MAD) and transfer the total outstanding amount to the next payment cycle, along with a standard interest rate.
Commenting on the launch of the new solution, Anup Agrawal, Business Head, LazyPay said, "Since its inception, LazyPay has always innovated to fulfil customers' expectations, demands and evolving needs. LazyPlus is a testament to our efforts in that direction. The solution enables transparent, frictionless and accessible credit transactions to ease the financial complexities of our consumers. Additionally, as customers shift their preferred mode of transaction towards UPI, LazyPlus aims to offer a unique revolving credit line."
The new solution is available for select LazyPay users, with plans of rolling it out to a wider customer base soon. With no minimum purchase-value requirement and a repayment cycle of 15-days, LazyPlus is offering an introductory zero-fee service for the initial phase of the product launch to its active users.
About PayU Credit India
PayU India entered the alternate lending business in 2017 with LazyPay, its Buy-Now-Pay-Later offering to provide consumers with convenient checkout options. Buy-now-pay-later has emerged as one of the most popular payment methods across 300+ renowned merchants. PayU acquired a stake in PaySense in January 2020 to accelerate its vision for credit in India and leverage AI & ML to build a full-stack digital lending platform in India.
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(Disclaimer--Features may vary depending on the regions; subject to change without notice.)