LazyPay, one of the most popular 'pay later' platforms, received remarkable response from customers in 2020
LazyPay disbursed more than ₹100 crore of credit every month
'Buy now, pay later' platforms in India has witnessed a huge growth this year. Coronavirus pandemic has played one of the key roles behind this surge. While spends on travel, hospitality and travel tickets saw a decline, consumers used 'buy now, pay later' platforms for food deliveries, utilities and groceries during 2020.
LazyPay, one of the most popular 'pay later' platforms, received remarkable response from customers in 2020. At least 75,000 new users joined the platform every month this year. With this, LazyPay has 20 lakh active users at present, the company said.
LazyPay also ramped up its reach during COVID-19 pandemic, considering the customers' needs. It added merchants across essential goods and services platforms, online food aggregators and utility platforms, taking its merchant base to over 300. A first-of-its kind digital credit card called LazyPlus was introduced. It combines Unified Payment Interface (UPI) and the buy-now-pay-later concept to "help users access real time credit using UPI omnichannel networks, including offline merchants and e-commerce platforms."
As work-from-home became the new normal in the wake of COVID-19, the salaried employees took credit for purchasing home appliances and office furniture including dishwashers, washing machines and workstations, the company said in a statement. "Customers also borrowed to pay educational fees for upskilling as the dynamics of education shifted to online platforms," it added.
LazyPay disbursed credit worth more than more than ₹100 crore every month , Anup Agrawal, business head said. It also saw over 20 lakh transactions per month During Indian Premier League (IPL) 2020, it witnessed a three time surge on food ordering on the LazyPay applications.
Commenting on the phenomenal growth of the buy-now-pay-later app, Agrawal added, "While the pandemic has had a vast impact on lives and businesses across industries, we have received a remarkable response for LazyPay with most customers being highly engaged in the first three months itself."
On future outlook, he said, "With buy-now-pay-later emerging as a preferred mode of payment among the first-time digital payment users, we aim to double our overall BNPL business in 2021 by using robust AI/ML technologies and data models that mitigates risk and drive financial inclusion by approving diverse pool of customers."
LazyPay plans to reach 50 lakh customers within next year and achieve run-rate of ₹400 crore disbursal a month, Agrawal mentioned.