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PayU's LazyPay launches LazyCard in India

Tuesday 11 January 2022 11:00 CET | News

India-based BNPL solution by PayU Finance, LazyPay, has partnered with SBM Bank India to launch LazyCard, a payment instrument backed by a credit line. 

The card aims at empowering financially underserved Indians with easy access to credit. Powered by Visa and SBM Bank India, LazyCard is built with a rewards structure, creating value for customers in every transaction by offering cashback rewards and offers. The card is digitally linked to the LazyPay app. Available to the 62 million pre-approved users of LazyPay, LazyCard will provide its customers a credit limit of up to INR 5 lakh. The card offers users welcome rewards, retention rewards, and Visa Platinum Rewards in the form of cashbacks. The credit line provided by LazyCard is also boosted by the rewards received on every transaction. Users have an opportunity to earn 1% to 5% cashback on every transaction.

LazyCard’s ‘Booster’ feature is useful for thin-file borrowers to rebuild their credit score or establish their credit history. This feature enables users to get access to the card by setting up a fixed deposit with RBI-regulated SBM Bank India. As the user continues to transact using the card and build his creditworthiness, LazyPay will start unlocking the credit line. The user is then free to withdraw the deposit and continue enjoying access to unsecured credit and rewards on the card.

The card, which is an extension of the services offered by LazyPay, comes in a physical and a virtual avatar. Cardholders will have access to the credit line across the LazyPay credit universe, which includes products like LazyPlus (UPI), LazyPay (BNPL) deferred payment, and the LazyPay app. Cardholders can also receive personalised offers based on spending habits and secure early access and exclusive event invites through the LazyPay app. 

Currently, the card is available to select LazyPay customers, and will be broadly made available soon. 

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Keywords: virtual card, product launch, credit scoring, BNPL
Categories: Payments & Commerce
Companies:
Countries: India
This article is part of category

Payments & Commerce