Fintech

PayU’s LazyPay Partners with Blinkit to Offer Customers Credit Line

• ByStartupStory     |    June 28, 2024

Fintech major PayU’s credit service, LazyPay, has announced a new partnership with quick commerce platform Blinkit to provide customers with a seamless one-tap checkout experience. This collaboration will enable Blinkit customers to access a credit line at no additional cost to merchants, enhancing their shopping experience on the Zomato-led platform.

LazyPay has already established itself as a trusted deferred payment option by partnering with other quick commerce platforms such as Zepto, Instamart, and Big Basket. With this latest partnership, Blinkit merchants will benefit from access to LazyPay’s payment mode and dashboard, allowing them to monitor business performance more efficiently.

“By integrating LazyPay’s advanced payment solutions with Blinkit’s platform, we enable customers to utilise their credit line through a seamless and secure platform. 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,” said Niket Shrivastava, head of merchant business, LazyPay.

PayU entered the consumer credit segment in 2017 with the launch of LazyPay, an alternate lending platform designed to offer credit solutions at the point of sale. This strategic move has proven beneficial, with LazyPay forming partnerships with various quick commerce platforms to extend deferred payment options to their customers.

This week, Prosus, one of PayU’s leading investors, reported that the firm’s consolidated revenue grew 22 percent to $1.1 billion in FY24. The growth was attributed to the performance of its payment service provider (PSP) businesses in Turkey and India, as well as India credit. Core PSP services account for 88 percent of the payments and fintech revenue for the Netherlands-based investor, which includes operations in PayU India and PayU Global Payments Organisation (GPO).

“Strong revenue growth and improved profitability were driven by improved operating leverage and effective cost control, despite regulatory hurdles in India,” the firm noted in its annual report. India remains the largest market in Prosus-backed PayU’s PSP business, accounting for 46 percent of core PSP revenues and 60 percent of total payment volumes.

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