Global online payment service PayU India on Wednesday launched ‘LazyPay’ that provides deferred payment facility and is aimed at those who transact digitally for any amount between Rs. 500 and Rs. 2,500.
LazyPay appears as a payment option at the time of checkout on websites and apps integrating the product.
It provides users a deferred payment facility for 15 days with a transaction limit decided as per the purchasing behaviour of every individual.
“At PayU India, our endeavour is to provide world class experiences to consumers and drive higher conversions for merchants,” said Jitendra Gupta, Managing Director, PayU India.
According to Gupta, in 2015, $4.4 billion (roughly Rs. 28,577 crores) revenue was lost due to 20-30 percent of transactions failing at the payment page.
“Hence, there was a need for a product which is faster and can give higher conversions. We aim to recreate the kirana store experience where a shop owner allows you to take products home and pay later because he is acquainted with you,” Gupta added.
The pilot for LazyPay went live in March and within a month, LazyPay has five big merchants and more than 12 smaller merchants onboard.
PayU India plans to invest $50 million (roughly Rs. 325 crores) in LazyPay over the next couple of years.