Consumer lending platform LazyPay offers credit via UPI, QR codes

Consumer lending platform LazyPay offers credit via UPI, QR codes
Photo Credit: Photo Credit: Pixabay
29 Aug, 2019

LazyPay, the consumer lending platform of digital payment firm PayU India, will allow users to access credit across offline merchants and ecommerce platforms using unified payments interface (UPI) and Bharat quick response (QR) codes.

The startup will offer credit up to Rs 1 lakh on equated monthly instalments ranging from 3-12 months, an official statement said.

There is no requirement for minimum purchase value for the credit service, the statement added.

The repayment process is flexible as the users can choose the pay later option that allows interest-free 15-day credit at checkout or convert high-value transactions to affordable monthly instalments at the time of the transaction.

The user has to update the know-your-customer (KYC) details to avail the facility, the statement 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,” said Pallav Jain, country manager, PayU Finance.

Lazypay, launched in 2017, offers equated monthly instalments on online merchants and app-based instant personal loans.

Earlier this month, PayU India had rolled out a merchant service platform PayU Assist to offer automated customer service capabilities to merchants.

Last month, it had signed a deal with Zoho customer relationship management to help merchants digitise businesses in India.