LazyPay expands pay-later service into quick-commerce sector
Premium- LazyPay will provide seamless checkout experience to Zepto customers for time efficient transactions, adding further speed and ease to their instant on-demand delivery experience.
LazyPay, a buy-now-pay-later solution offered by PayU Finance, on Tuesday announced the extension of its facility into the rapidly growing q-commerce market through its partnership with 10-minute grocery delivery platform Zepto, a Y-combinator-backed firm.
The partnership will offer consumers the convenience of paying later for high-frequency purchases. LazyPay will provide seamless checkout experience to Zepto customers for time efficient transactions, adding further speed and ease to their instant on-demand delivery experience.
The company said, “With this partnership, LazyPay forays deeper into the hyperlocal/quick-commerce segment, further strengthening its merchant base of over 38,000. Combined with LazyPay’s fast adoption of Buy Now Pay Later (BNPL) solution, the partnership will redefine the grocery shopping experience for Zepto consumers."
As one of the fastest growing quick-commerce solution providers, Zepto is adding 100,000 new consumers every week. The collaboration has potential to further accelerate customer adoption of Zepto through LazyPay’s strong customer base. In addition to the quick checkout experience, Zepto will also benefit from LazyPay’s near 100% success rate, lowering cart abandonment instances. The BNPL payment option will be available to Zepto customers across Delhi, Ghaziabad, Gurgaon, Noida, Mumbai, Pune, Kolkata, Bangalore, Chennai and Hyderabad.
Anup Agrawal, Business Head, LazyPay said, “Online shopping picked up rapidly in India due to Covid-19. However, as the situation normalises, we are seeing continued growth trends and demands from customers, as evidenced by the quick rise of the q-commerce segment. We are very excited to partner with Zepto, given our shared objective for a convenient and hassle-free customer experience. Through this collaboration, we aim to make high-frequency purchases effortless, and we look forward to supporting Zepto reduce cart abandonment due to failed transactions."
Commenting on the collaboration, Kaivalya Vohra, founder & CTO, Zepto said, “Our collaboration with LazyPay will serve as a catalyst for technical innovation, ensuring a flawless ordering experience for users. We are delighted about this collaboration and are looking forward to providing a gratifying experience for our users."
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LazyPay’s onboarding by Zepto is a strategic response to BNPL becoming one of the preferred payment options in current times. According to a report, the BNPL sector will rise to become the fastest growing online payment option with a 6% rise in market share from 3% to 9% by 2024. Additionally, as per industry reports, the q-commerce market is estimated to grow to $5 billion by 2025.
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