Digital payments provider PayU India, owned by South Africa’s Naspers Ltd, has tied up with consumer electronics firm Samsung Electronics Co. Ltd. and electronics retailer Croma to provide its deferred payment facility called LazyPay.
LazyPay will cover purchases made on the Samsung and Croma websites, said Jitendra Gupta, managing director, PayU India told Mint.
The move comes after LazyPay witnessed a huge surge in its user base in less than a years’ time.
LazyPay gives the option of placing an order and paying later, eliminating the need for repeated one-time password (OTPs), CVV numbers or net banking details, added Gupta.
Launched in April last year, LazyPay has already tied up with more than 50 merchants across food, travel, entertainment and bill payments.
According to Gupta, LazyPay appears as a payment option at the 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 behavior of every individual. The payment cycle is every fortnight.
“It provides credit for any amount between Rs500 to Rs3,000 and can go up to Rs10,000. Depending on customer behaviour, it may go up or down after 6 months,” he said.
“Since transactions at Croma are of relatively higher value, success rate becomes all the more important to us and saves hassle for our customer at the time of purchase. We are looking forward to extending the partnership with LazyPay and offer the same convenience for the purchase of higher value products also,” said Maneesh Mittal, head-eCommerce & Big Data at Croma in a statement.
“PayU processes three million transactions every day. Each transaction generates 15 direct variables, which helps to draw up a profile of the customer and come up with a ‘trust score’. This trust score further helps to identify creditworthy customers, who can checkout using LazyPay without going through the payment process,” said Gupta, while explaining the process it uses to check on fraudsters.
In October, Shailaz Nag, chief operating officer and co-founder of PayU India had told Mint that the focus for year 2018 will be credit and consumer offerings. He said that the company has spent about $265 million over the past five years in India.
According to the company, LazyPay witnesses around 10,000-11,000 transactions per day and more than 800,000 transactions have already taken place using this facility.
