PayU India’s payment facility LazyPay has extended its deferred payment option for consumer durables. The deferred payment service announced the addition of Samsung and Croma to its supported merchant list where consumers can make purchases.
LazyPay started the Buy Now Pay Later service for deferred payments in April 2017 and is currently being used for food delivery, ticket booking, bill payments and more. Some of the existing merchants include Swiggy, ACT, Freshmenu, PVR, Zomato, Redbus, Faasos, Samsung, Croma, Foodpanda, Box8, Jazz Cinemas, and Netmeds.
With Samsung and Croma on board, you can now leverage the buy now pay later option while purchasing a Samsung product or any product from Croma on their respective websites.
LazyPay merchants claim to have recorded an average 75 percent increase in retention rate and over 97 percent success rate at checkout. Commenting on this development, Jitendra Gupta, Managing Director, PayU India said, “In 2018 we will continue to see consumers using ‘buy now pay later’ offering for food ordering, consumer durables more so and other utilities. We will also see a rise in high ticket transactions such as EMI & cash loans. We will strive to be the preferred partner for credit.”
The service was launched to help consumers make digital transactions for any amount between Rs 500 and Rs 10,000 with an option to pay later for the goods. LayPay has been integrated into websites and apps. This is how it works. Once you choose LazyPay at checkout, you will be provided with the option of deferred payment for 15 days with a transaction limit based on your purchase behavior.
You essentially shop now and conveniently settle the outstanding payment during the payment cycle instead of having to feed in the card details or net banking credentials. This makes the transaction process seamless.