LazyPay appears as a payment option at the time of checkout on websites and apps integrating the product.
It provides users a deferral payment facility for 15 days with a transaction limit decided as per the purchasing behaviour of every individual.
"At PayU India, our endeavour is to provide world class experiences to consumers and drive higher conversions for merchants," said Jitendra Gupta, Managing Director, PayU India.
According to Gupta, in 2015, $4.4 billion revenue was lost due to 20-30 per cent of transactions failing at the payment page.
"Hence, there was a need for a product which is faster and can give higher conversions. We aim to recreate the kirana store experience where a shop owner allows you to take products home and pay later because he is acquainted with you," Gupta added.
The pilot for LazyPay went live in March and within a month, LazyPay has five big merchants and more than 12 smaller merchants onboard.
PayU India plans to invest $50 million in LazyPay over the next couple of years.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.