PayU’s LazyPay partners with Blinkit to offer customers with credit line
Fintech major PayU’s credit service LazyPay on Wednesday partnered with quick commerce platform Blinkit to provide a one-tap checkout experience to the platform’s customers.
The latest partnership will provide the Zomato-led quick commerce platform’s customers with a credit line, at no additional cost to merchants.
LazyPay has previously partnered with other quick commerce platforms such as Zepto, Instamart, and Big Basket, providing customers of these platforms with deferred payment options.
Merchants aboard Blinkit will have access to LazyPay’s payment mode and dashboard, and they will be able to monitor their business performance, the company said in a statement.
“By integrating LazyPay’s advanced payment solutions with Blinkit’s platform, we enable customers to utilise their credit line through a seamless and secure platform. This partnership aligns perfectly with our mission to provide swift, reliable, and secure ‘Pay Later’ services, streamlining digital payments. We are confident that our collaboration will unlock new possibilities for both merchants and consumers alike,” said Niket Shrivastava, head of merchant business, LazyPay.
In 2017, PayU entered the consumer credit segment with LazyPay, an alternate lending platform that offers credit solutions at the point of sale.
This week, Prosus, one of PayU’s leading investors, said the firm’s consolidated revenue grew 22 per cent to $1.1 billion in FY24 on the back of its payment service provider (PSP) businesses in Turkey and India, along with India credit.
Core PSP services account for 88 per cent of the payments and fintech revenue for the Netherlands-based investor. It comprises payments operations in PayU India and PayU Global Payments Organisation (GPO).
“Strong revenue growth and improved profitability were driven by improved operating leverage and effective cost control, despite regulatory hurdles in India,” the firm said in its annual report.
India is the largest market in Prosus-backed PayU’s PSP business. It accounted for 46 per cent of core PSP revenues and 60 per cent of total payment volumes.
First Published: Jun 26 2024 | 10:01 PM IST