LazyPay to give users deferral payment option for 15 days

Digital payments service, PayU India, has launched deferred payment facility, 'LazyPay' to users, who transact digitally for amounts ranging between Rs 500-2,500.

LazyPay would appear as a payment option at the time of checkout on the websites and apps that integrate the product.

With this facility, users will get a deferral payment option for 15 days with a transaction limit decided as per the purchasing behaviour of every individual, which could be extended from Rs 3,000 and up to Rs 10,000.

Jitendra Gupta, Managing Director, PayU India, said, "In 2015, USD 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 is to recreate the kirana store experience where a shop owner allows users to take products home and pay later because he is acquainted with them."

Last month, a pilot was conducted for LazyPay and has onboarded merchants like Zomato, Box8, Jazz Cinemas, Netmeds and Innerchef.

The company plans to invest USD 50 million in LazyPay over the next few years.