PayU Finance, India's leading alternate lending platform launched a first-of-its-kind digital revolving credit line called 'LazyPlus' that combines the power of UPI and the Buy-Now-Pay-Later concept.
The solution, part of the LazyPay offering, is a strategic response to the market's demand for easy access to credit across online and offline platforms and bespoke pay-later options. Customers can set up their accounts using a two-minute KYC process as the newly launched solution seamlessly integrates into the LazyPay app.
Hinged on the same principles of LazyPay, users do not have to go through the tedious process of linking their bank account(s) with UPI to access credit via LazyPlus.
Based on the user's credit history and payment behavior, LazyPlus will offer a credit limit (up to Rs 1 lakh) to users for undertaking UPI transactions at stores (online & offline). LazyPlus enables users to access real-time credit using UPI across omnichannel networks, including offline merchants and e-commerce platforms.
Users of LazyPlus also have the option to make part-repayments in case they are unable to repay in a monthly billing cycle with its Revolve feature.
This feature enables users to pay a Minimum Amount Due (MAD) and transfer the total outstanding amount to the next payment cycle, along with a standard interest rate.
"Since its inception, LazyPay has always innovated to fulfil customers' expectations, demands, and evolving needs. LazyPlus is a testament to our efforts in that direction. The solution enables transparent, frictionless, and accessible credit transactions to ease the financial complexities of our consumers. Additionally, as customers shift their preferred mode of transaction towards UPI, LazyPlus aims to offer a unique revolving credit line," said Anup Agrawal, Business Head, LazyPay on the launch of the new solution.
The new solution is available for select LazyPay users, with plans of rolling it out to a wider customer base soon. With no minimum purchase-value requirement and a repayment cycle of 15-days, LazyPlus is offering an introductory zero-fee service for the initial phase of the product launch to its active users.
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( With inputs from ANI )
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