Sunday, July 14, 2024

PayU’s LazyPay Partners with Blinkit for Seamless Checkout; Know Advantages

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Digital financial services provider PayU has announced a new partnership between its credit service, LazyPay, and the quick-commerce app Blinkit. This partnership aims to provide Blinkit customers with a seamless, quick, and secure checkout experience using LazyPay’s 1-tap payment system. This collaboration enhances the purchasing power and financial flexibility of Blinkit’s extensive customer base.

Benefits for Customers and Merchants

With LazyPay integrated into Blinkit, users will enjoy a streamlined digital payment process supported by a convenient credit line. This service is offered at no additional cost to merchants. Blinkit merchants will have access to LazyPay’s payment mode and dashboard, enabling them to monitor their business performance efficiently.

LazyPay is already available on other major quick-commerce platforms like Zepto, Swiggy Instamart, and Big Basket.

Leadership Comments

Niket Shrivastava, Head of Merchant Business at LazyPay, commented on the partnership: “Our strategic partnerships with quick-commerce platforms aim to assist customers with their financing needs and enhance spending power. By integrating LazyPay’s advanced payment solutions with Blinkit’s platform, we enable customers to utilize their credit line through a seamless and secure platform.”

Blinkit Company logo: LazyPay partners with Blinkit.

He added, “This partnership aligns perfectly with our mission to provide swift, reliable, and secure ‘Pay Later’ services, streamlining digital payments. We are confident that our collaboration will unlock new possibilities for both merchants and consumers alike.”

LazyPay’s Market Presence

PayU entered the consumer credit segment in 2017 with LazyPay, an alternative lending platform that offers credit solutions at the point of sale. Currently, LazyPay has over 3 million active consumers in India. Earlier this week, Prosus, the Dutch-listed arm of Naspers and a leading investor in PayU, reported that PayU posted an 11% rise in India revenue at $444 million in FY24, with its credit business being a key growth driver.

Despite facing regulatory hurdles, PayU’s consolidated revenue grew 22% to $1.1 billion in FY24, driven by improved operating leverage and effective cost control. India remains the largest market for digital payments for PayU, with peer-to-merchant digital payments volume expected to grow to over $3 trillion, and digital personal and consumer credit estimated to reach $130 billion by FY30.

PayU’s LazyPay partnership with Blinkit marks a significant step in enhancing the quick-commerce experience for customers. By providing a seamless and secure payment option, LazyPay is set to revolutionize the digital payment landscape, benefiting both consumers and merchants alike.

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