Financial service provider, LazyPay has released its first digital credit card that amalgamatesUPI and the Buy-Now-Pay-Later concept. The company has launched LazyUPI that enables users to access real-time credit using UPI across omnichannel networks, including offline merchants and e-commerce platforms. The solution is a strategic response to the market's demand for easy access to credit across online and offline platforms and higher ticket-size pay-later options.
As LazyUPI seamlessly integrated into existing LazyPay apps, customers can set up their accounts using a 2-minute KYC process. Hinged on the same principles of LazyPay, users do not have to go through the tedious process of linking their bank accounts with UPI to access credit via LazyUPI. Based on the user's credit history and payment behavior, LazyPay will offer a credit limit upto INR 1 lakh to users for UPI transactions at stores (online and offline).
"Since its inception, LazyPay has always innovated to fulfil customers' expectations, demands and evolving needs. LazyUPI 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, LazyUPI aims to replace the traditional Credit Card," Anup Agrawal, Business Head, LazyPay said in the company's official statement.
The users of LazyUPI also have the option to make part-repayments in case they are unable to repay in a monthly billing cycle with its Revolve feature. Just like a conventional credit card, 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.
At present, the Indians are increasingly adopting UPI as a preferred mode of digital payment. In August, UPI recorded more than 1.61 billion transactions worth INR 2,98,307 crores roughly. LazyPay aims to acquire more than 2 million customers on this new platform by the end of this financial year.