PayU’s LazyPay launches LazyCard in India
Indian buy now pay later specialist LazyPay, part of PayU Finance, has partnered with SBM Bank India and Visa to launch LazyCard.
It says that the offering aims to “empower financially underserved Indians with easy access to credit”.
LazyCard is currently available to select LazyPay customers, and will be broadly made available in the near future.
Prashanth Ranganathan, CEO, PayU Finance, says: “Today only three in every 100 Indians owns a credit card, creating a massive credit gap in our economy.”
“We are excited to launch ‘LazyCard’, to empower and elevate the underserved, by giving them means to carry out financial transactions without worrying about their bank account balance.”
“Backed by our proprietary credit underwriting capabilities and data science muscle, the card boasts the largest pre-approval base of 62 million customers, helping more people qualify, particularly in the pandemic’s strenuous economy. We aim to reach corners of the population and give a card in the hands of all underserved Indians.”
Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India, comments: “The credit appetite of Indians has been growing at an exponential pace.”
“To ensure the solutions are available, accessible, and affordable to complement the demand, we at SBM Bank India have built a robust portfolio of secured cards with key partners.”
“LazyCard is one such offering that not only empowers people with low credit scores to experience credit card like convenience; but also helps them to build their creditworthiness.”
Sujai Raina, Head – Business Development, India, Visa, says: “FinTechs like PayU Finance have, in recent years, been at the forefront of driving innovation and financial inclusion of new consumer segments in India.”
“We are excited to launch the LazyCard programme to make credit more accessible to existing LazyPay customers as well as new to credit users.”
“LazyCard is issued instantly, available in physical and virtual form, and offers users a readily available credit line, rewards and Visa Platinum benefits, enabling seamless and secure payments across millions of merchants that accept Visa cards.”
