LazyCard will roll over the Visa payment network.
The BNPL space continues to attract investor interest in recent months, as demand for online shopping grows. In December of last year, BNPL card provider Uni raised one of the biggest Series A rounds in the Indian fintech space, grabbing $ 70 million under General Catalyst leadership.
Recently, a credit and charge card provider, Slice became the 41st Indian unicorn of 2021, having raised $ 220 million led by Tiger Global, at a valuation of $ 1 billion.
While Slice increased its credit card issuance to 200,000 by October of last year, Uni is focused on increasing its credit disbursements to Rs 1,500 crore by September of this year. Last year, even ZestMoney raised $ 50 million to tap international merchants and increase the reach of its credit use case.
In October 2021, the fintech unicorn BharatPe also dived into the BNPL space with the launch of “PostPe”.
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In a statement released Tuesday, LazyPay said the LazyCard would be available to its 62 million pre-approved users. In addition, the credit and payment instrument will have a credit limit of up to Rs 5 lakh. It will also link the rewards and cash back to the offer.
“According to various industry reports, today only 3 in 100 Indians own a credit card, creating a huge credit deficit in our economy. We are excited to launch ‘LazyCard’, to empower and uplift underserved people, empowering them to conduct financial transactions without worrying about their bank account balances. Backed by our proprietary credit underwriting capabilities and data science strength, the card has the largest pre-approval base of 62 million customers, ”said Prashanth Ranganathan, CEO of PayU Finance.
Last year, Prosus-owned PayU India made one of the costliest acquisitions in the fintech landscape by acquiring Indian payment gateway service provider BillDesk for $ 4.7 billion. While the deal was subject to approvals from the Indian market watchdog, CCI, PayU India intended to co-create new solutions with BillDesk.