In the face of increasing competition in the BNPL area, PayU’s LazyPay introduces the ‘LazyCard’ credit product.
- ByStartupStory | January 12, 2022
PayU, a payment service provider, is broadening its India business with the launch of LazyCard, a new credit and prepaid payment instrument. PayU’s LazyPay BNPL solution has collaborated with SBM Bank India for the prepaid instrument, as the business tries to compete with card-based BNPL providers Uni and Slice, among others.
The Visa payment network will be used by LazyCard.
The LazyCard will be available to LazyPay’s 62 million pre-approved consumers, according to a statement released on Tuesday. A credit limit of up to Rs 5 lakh would be available on the credit and payment instrument. It will also link the offering to rewards and cashbacks.
According to Prashant Ranganatha, “As per various industry reports, today only 3 in every 100 Indians owns a credit card, creating a massive credit gap in our economy. We are excited to launch ‘LazyCard’, to empower and elevate the underserved, by giving them means to carry out financial transactions without worrying about their bank account balance. Backed by our proprietary credit underwriting capabilities and data science muscle, the card boasts the largest pre-approval base of 62 million customers.”
Follow Startup Story
Related Posts
