Drives 28% increase in transactions through LazyPay
MUMBAI, India, April 23, 2021 /PRNewswire/ — LazyPay, India’s preferred Buy Now Pay Later solution by PayU Finance today strengthened its partnership with Dunzo, India’s leading hyper-local delivery service with the launch of Dunzo Pay Later. The revolutionary deferred payment solution Dunzo Pay Later powered by LazyPay will offer the convenience of Buy Now Pay Later with a 0% interest rate (for a 15-day window) to over 2 million monthly active Users on Dunzo. As a strategic response to an upsurge in digital transaction failures, LazyPay and Dunzo also launched an industry-first solution to enhance consumer confidence impacted due to failed transactions.
Dunzo Pay Later powered by LazyPay offers Dunzo customers credit from Rs 500 to Rs 9,999 depending on the profile of the customer, allowing them to conveniently transact via deferred payments and safely repay within 15 days without any interest charged. The solution also aims to solve one of the biggest problems of ‘cart abandonment’ due to failed transactions by merchants. As per NPCI’s recent data from February 2021, the transaction failure rate at banks due to technical glitches was at 15%*, signifying the need to reduce transaction failures at a time when digital payment adoption is surging in India**. With a digital transaction success rate of over 99%, LazyPay supports its merchants in reducing cart abandonment and offers the convenience of credit and deferred payments to its customers.
The pilot for Dunzo Pay Later went live in March 2021, and since then, Dunzo has recorded 4% reduction in cart abandonment due to transaction failures in the past two weeks. Both these first-of-a-kind solutions by LazyPay will help Dunzo’s customers achieve faster purchase experiences and convenience by reducing friction during online checkouts and achieving a zero-drop situation for online payments.
Mr. Anirban Das, Head of Product, Dunzo said, “Convenience has always been the cornerstone of the experience we promise at Dunzo. Dunzo Pay Later is an extension of that promise and offers Users the choice and convenience of paying later with a seamless ordering experience. We are already witnessing the impact of this integration as Users are able to transact more seamlessly on the app. This has also led to a 28% increase in transactions through LazyPay and will create a superior payment experience for users on the platform.”
Mr. Bhavik Kaul, Product Head, LazyPay said, “At LazyPay, our aim is to be the frontrunner in driving innovation in the deferred payments space in India. Our focus has always been to keenly listen to our customers and help solve problems for them. The launch of Dunzo Pay Later & Failed transaction improvement solutions is yet another step in easing the complexities of digital payments through fast, robust and reliable ‘Buy Now Pay later’ services. You will see us continue to leverage our expertise in AI & technology to deliver personalised payment and affordability products to millions of our customers and to help solve the pain points of our merchants by driving higher conversions for them.”
PayU Finance has been at the forefront of innovation since its launch in 2017, be it pioneering the concept of BNPL in India with the launch of LazyPay or the first-of-its-kind digital revolving credit line option through UPI through LazyPlus and now with Dunzo Pay Later and the Failed Transaction Flow solution.
*Source : NPCI – February 2021
**Source: ACI Worldwide, March 2021
Launched in 2017, LazyPay is PayU Finance India’s Buy-Now-Pay-Later offering to provide consumer with convenient checkout options. The company disbursed more than INR 100 crores worth of credit every month with over 2 million transactions per month in 2020. Buy-now-pay-later provides small-ticket credit for purchases ranging from INR 500 to INR 9999. It emerged as one of the most popular payment methods across 300+ renowned merchants in its network like Swiggy, Zomato, Samsung, Dunzo, GoAir, amongst others. It targets to reach 5 million customers in 2021.
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