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Online Payments

PayU India launches LazyPay as deferral payment for small value transactions

Wednesday 5 April 2017 | 12:36 AM CET

PayU India, a digital payments company, has launched LazyPay, a deferral payment facility aimed at those who transact digitally for small value transactions on ecommerce portals.

The product is aimed at making checkouts faster and reduce friction of online payments. The product could extend from USD 46.09 to USD 153.63 depending on the profile of the customer and his payment trends on the PayU platform.

This payment option clubs all the digital transactions on websites that use the PayU gateway under one bulk payment which can be made by the customer after 15 days in one go without any interest charged. The merchant will have to pay 1% extra as transaction charge to PayU for LazyPay payments.

Out of the 25 million customers who make payments through PayU around 6 million have been selected for this product and they would get to use this payment option on various websites like Box8, NetMeds, Zomato and Innerchefs.

During the pilot since March 2017 the product has already clocked over 5,000 transactions with average ticket size of USD 9.22-9.99. In addition to this, 20% of the customers have done two or more transactions so far.

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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