LazyPay, a Buy-Now-Pay-Later (BNPL) solutions provider said its merchant network grew by over 70 per cent during the year to reach 48,000, fueled by strong demand for its offerings.
In a bid to meet customers where they are, merchants are increasingly adopting BNPL solutions to facilitate frictionless sales and drive business growth, said the company.
Partnering with retailers in their goal for improved checkout experience, LazyPay has onboarded 20,000 new merchants through direct integration and partnerships with leading aggregators.
According to a press release, sectors that have witnessed significant adoption of the BNPL solution are grocery, food commerce and e-commerce as these applications have become a daily affair for LazyPay users.
‘Committed to support merchants’
Varun Vummidi, Payments Head, LazyPay said, “Collaborating with a wide range of merchants is aligned with our goal of being a ubiquitous and reliable payment solution. We are committed to supporting our merchant partners through our near 100 per cent transaction success rate, potentially reducing cart abandonment, and providing their customers with a superior checkout experience.”
He added, “In order to enable user access to LazyPay on more merchants, we are targeting to grow our partner network to 1,50,000 in 2023 and expand our offering to in-store payments. Additionally, we are working closely with merchants to offer bespoke branded BNPL solutions.”
According to LazyPay, its partners have seen higher cart conversion rates and higher customer retention rates when using its BNPL offering in comparison to other payment methods.
Some of the key collaborations this year have been across quick commerce, e-commerce, and SMB sectors with retailers such as Zepto, boAt, Licious, ParkPlus, Dukaan, and most recently Meesho.