Blinkit Adopts LazyPay: Effortless One-Tap Grocery Payments

PayU's popular credit service, LazyPay, has joined forces with Blinkit, the Zomato-backed quick commerce platform, to offer a game-changing checkout experience. This strategic partnership will empower Blinkit users to enjoy faster and more secure payments with the convenience of a one-tap checkout.

How Will This Collab Help LazyPay's Quick Commerce Reach?

This collaboration will strengthen LazyPay's position in the booming quick commerce space. Blinkit will now join LazyPay's growing network alongside established players like Zepto, Instamart, and Big Basket. Through these partnerships, LazyPay will offer customers flexible payment options with its popular deferred payment solutions.

Benefits Abound for Blinkit and Merchants

Blinkit users will now gain access to a valuable credit line through LazyPay, without incurring any additional charges for merchants. This partnership also empowers Blinkit merchants with access to LazyPay's advanced payment dashboard. This will simplify business performance monitoring and streamline operations, boosting their overall efficiency.

Niket Shrivastava, Head of Merchant Business at LazyPay, sheds light on the partnership's significance, "By integrating LazyPay's cutting-edge payment solutions with Blinkit's platform, we're empowering customers to seamlessly utilize their credit line within a secure environment. This partnership perfectly aligns with our mission of providing swift, reliable, and secure 'Pay Later' services, ultimately streamlining the digital payments experience."

PayU's Flourishing Credit Segment

PayU entered the consumer credit market in 2017 with the launch of LazyPay, offering innovative point-of-sale credit solutions. Today, LazyPay boasts an impressive 3 million active users in India alone. This phenomenal growth reflects PayU's broader strategy to capture a significant share of the Indian digital payments market.

PayU's Impressive Growth Trajectory

Earlier this week, Prosus, Naspers' Dutch arm, reported an 11% year-on-year increase in PayU's India revenue, reaching a staggering $444 million in FY24. This growth is largely driven by the success of PayU's credit business.

Meanwhile Dutch investor Prosus' report highlights, "Our credit business witnessed a remarkable 29% revenue increase to $107 million, despite a slowdown in loan issuances as we adapt to the evolving regulatory landscape outlined by the Reserve Bank of India."

India's Digital Payments Landscape: A Booming Market

India remains PayU's largest digital payments market. The Prosus report underscores the massive potential within this sector. Peer-to-merchant digital payments volume is projected to surpass $3 trillion by FY30, while digital personal and consumer credit is expected to reach a staggering $130 billion within the same timeframe.

This strategic partnership with Blinkit will help revolutionizing the digital payment experience for both consumers and merchants. By offering a seamless and efficient checkout process, LazyPay will fuel not only its own growth but will also contribute to the widespread adoption of digital payments across India.

The collaboration between LazyPay and Blinkit marks a significant milestone in PayU's quest to dominate the Indian digital credit market. As India's digital payment landscape continues to flourish, such partnerships will undoubtedly play a crucial role in shaping the future of financial transactions within the country.

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