Money & Banking

LazyPay forays into card segment partnering with SBM Bank India

K.R. Srivats | | Updated on: Jan 11, 2022

LazyCard aims to provide easy credit access to financially underserved ones

Lazypay, a Buy Now Pay Later solution by PayU Finance, has partnered with SBM Bank India to launch LazyCard, a payment instrument backed by a credit line, thus foraying into the card segment.

The card aims at empowering financially underserved Indians, who struggle with limited credit options, with easy access to credit.

Commenting on the launch of LazyCard, Prashanth Ranganathan, CEO, PayU Finance, said, “Today only three in every 100 Indians own 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.

We aim to reach corners of the population and give a card in the hands of all underserved Indians.”

Available to the 62 million pre-approved users of LazyPay, LazyCard will empower customers with a credit limit of up to ₹ 5 lakh. Consumers can avail the card at zero joining fee and zero annual fee. It also offers users multiple transactional benefits and rewards-earning potential such as welcome rewards, retention rewards and Visa Platinum Rewards in the form of cashbacks. The credit line provided by LazyCard is also boosted by the rewards received on every transaction. Users have an opportunity to earn 1% to 5% cash back on every transaction, making it one of the most rewarding cards available in the market today.

The card, which is an extension of the services offered by LazyPay, comes in a physical and a virtual avatar, offering customers the same level of convenience, speed, and flexibility in their buying experiences across all touch points, online and offline. Cardholders will haveaccess to the credit line across the LazyPay credit universe, which includes products like LazyPlus (UPI), LazyPay (BNPL) deferred payment and LazyPay app.

Cardholders can also enjoy personalized offers based on spending habits and secure early access and exclusive event invites through LazyPay app.

Booster feature

LazyCard’s ‘Booster’ feature is useful for people looking to rebuild their credit score or establish their credit history. Offered to thin-file borrowers, this feature lets users set up a fixed deposit with RBI- regulated SBM Bank India in a fully digitized two-minute app flow.

Published on January 11, 2022

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