PayU India will be releasing a digital consumer credit product named as LazyPay. The product has been developed by Citrus Pay, which was acquired by PayU for a purchase deal of USD 130 million in 2016.
LazyPay would allow users to buy first and pay later for their online purchases. It will act as an all new payment option for users and enable credit transactions without the need of a card.
The company will commence operations in hand with 20 merchants, giving the consumers the option of paying later. These 20 merchants belong to different categories including food or grocery delivery and movie ticketing spaces.
The company aims to integrate 1,000 merchants with the LazyPay platform within a span of 2 months. PayU is also engaged in early talks with banks to further increase the scope of the service.
The digital bank system is equipped with algorithms that will write off debts in real time. The algorithms are said to be based on 80-odd variables. The new deferral payment solution does not require any separate license or regulatory approval and hence will begin anytime soon.
For more information about PayU, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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