Mumbai (Maharashtra) [India], December 24 (ANI/PRNewswire): As Indians increasingly look for a hassle-free purchase experience, Buy-Now-Pay-Later (BNPL) emerged as one of the top payment options in 2021, spurring growth for the BNPL segment.
Contributing to the phenomenal growth, Lazypay, India's preferred Buy Now Pay Later solution by PayU Finance added 150,000 new users every month in 2021. The popular BNPL platform also onboarded 28,000 new merchants, connecting over 4 million current active users.
As the country battled the second wave of the pandemic, food and hyperlocal emerged as the top segments in the first half of the year. Towards the end of 2021, with effective vaccine rollout in India, Lazypay witnessed an increased demand for sectors such as travel, entertainment and Food & Beverage, growing over 300% in November 2021 since the same time last year.
Lazypay saw an uptick of 70% in user acquisition in 2021 as more and more consumers, specifically from outside of the top 10 cities in India, turned towards the convenient payment option for their purchases. Around 60% of the demand for BNPL at Lazypay came in from tier-2 and tier-3 cities. It disbursed more than INR 250 crores worth of credit every month and conducted 5 million transactions per month.
Commenting on the growth in 2021, Anup Agrawal, Business Head, Lazypay said, "2021 was the year of Buy Now Pay Later (BNPL) as the pandemic further pushed the adoption of digital transactions and online shopping. As an easy, convenient, and hassle-free option, BNPL played a key role for consumers looking at alternative financial solutions for their purchases. It also supported merchants in tapping and retaining new, tech-savvy consumers. We will continue working towards making our solutions accessible to everyone, including the underbanked Indians, and connecting them to a diverse set of merchants. At Lazypay, we are envisioning a multifold growth of BNPL as a segment, as we aim to acquire 2 million new consumers by the end of 2022."
Recently, Lazypay went live with 'Lazypay EMI' that aims to address consumers' evolving needs for affordable credit. As a part of the offering, merchants can provide instant Cardless - EMI (equated monthly installments) option to their consumers for ticket size up to 1 lakh.
Lazypay EMI plans to directly onboard over 1,000 merchants across segments such as Edtech, insurance, EVs, home furnishing, and Healthtech by March 2022.
Additionally, in the coming year, Lazypay will focus on building product portfolios under 'Buy Now, Pay Later' (BNPL) with deferred payment, cards, personal loans up to 10 lakhs, savings & investment products including gold, and personal finance management.
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