NEW DELHI: Eyeing small businesses and their ecosystem, LazyPay, a Buy Now Pay Later (BNPL) solution offered by PayU Finance, has announced a partnership with Dukaan, an easy-to-use app that lets retailers create online stores. The partnership will offer BNPL solution to small sellers and entrepreneurs across categories, enabling them to scale their operations. For end-users, this collaboration will allow a seamless checkout experience for time-efficient transactions.
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The collaboration is a testament to LazyPay’s growing merchant ecosystem, signifying a strong demand for quick, convenient, and hassle-free BNPL solutions. Since its introduction in 2017, LazyPay’s merchant ecosystem has grown multifold and today stands at 46,000, as per the company.
Varun Vummidi, Payments Head, LazyPay, said, “India is a booming economy and SMBs (small businesses) are contributing largely towards growth. They are becoming ubiquitous with increasing adoption of technology. We are excited to partner with Dukaan as Buy Now Pay Later solutions increase opportunities for SMBs, allowing them to cater to a wider section of online customers with a penchant for faster and hassle-free shopping experience.”
For the mobile-first app, close to 60% of Dukaan’s merchants come from tier II and tier III markets. Integrating the BNPL solution into available payment modes will help storekeepers drum up sales and encourage first-time customers to become repeat customers. The partnership also has the potential to accelerate customer adoption through LazyPay’s strong user base. In addition to quick and seamless checkout experiences, Dukaan will also benefit from LazyPay’s near 100% transaction success rate.
Suryansh Kumar, VP Business, Dukaan, said, “Joining hands with LazyPay will be a catalyst to our business, by helping us add to our objective of providing the best services to our customers. We are looking forward to this collaboration.”
LazyPay extending its services to SMB merchants is a strategic response to BNPL becoming one of the preferred payment options in current times. SMBs are considered the core of country’s economic growth. According to an industry report, technology adoption in small businesses has moved to 40% from 29%, post pandmeic and will be characterised by digital transformation. Also, BNPL is likely to become the fastest growing online payment option with a 6% rise in market share from 3% to 9% in 2024, said the firm.