This collaboration allows Blinkit users to access a credit line provided by LazyPay at no additional cost to merchants, facilitating a smoother shopping process. Through this integration, Blinkit merchants gain access to LazyPay’s advanced payment mode and dashboard, improving their ability to monitor business performance efficiently.
The partnership supports LazyPay’s objective to streamline digital payments and expand its presence in the quick commerce sector, which includes platforms such as Swiggy Instamart, Zepto, and Big Basket. Earlier this year, PayU India received approval from the Reserve Bank of India to function as a payment aggregator, enabling the onboarding of new merchants for its payment services.
According to bankingfrontiers.com, this collaboration signifies a significant development in the fintech industry, underscoring LazyPay’s efforts to enhance its 'Pay Later' services across multiple platforms. Leveraging PayU India’s robust payment infrastructure, which supports over 150 payment modes such as UPI, EMIs, and wallets, the partnership aims to deliver a versatile and secure payment experience for both consumers and merchants.
Previous developments from LazyPay
PayU ventured into the consumer credit segment in 2017 with the launch of LazyPay, an alternate lending platform providing credit solutions at the point of sale. In February 2023, India’s IT Ministry blocked the apps of fintech Kissht and PayU’s LazyPay in a crackdown aimed to curb the misuse of consumer data. At the time, the LazyPay website was blocked by several internet service providers in the country.
In February 2024 PayU migrated the LazyPay credit service to Thought Machine’s core banking platform. This move marked the live integration of LazyPay onto the new platform, facilitating the development of innovative lending and credit products while improving user experience and security standards within the Indian credit financing landscape.
