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Our Bureau LazyPay, a short-term credit services for online purchases, is all set to expand its horizon and reach out to a larger set of consumers by partnering with entertainment majors Gaana.com, Sony Liv and ALT Balaji.
Pallav Jain, Country Head, PayU Finance, said this partnership marks LazyPay’s foray into subscription services. With millennials increasingly turning to these streaming platforms, the ‘pay later’ facility would provide subscribers a smooth payment process, he said, adding that “millennials are key contributors to this growth”.
Citing a PwC report on Global Entertainment and Media Outlook, he said, “The subscription video on demand is expected to grow at CAGR of 21.8 per cent from ₹3,756 crore in 2018 to ₹10,708 crore in 2023. Music, radio and podcast market has grown from ₹3,890 crore in 2014 to ₹5,753 crore in 2018. This reflects the massive opportunity that streaming platforms offer for subscriptions.”
PayU Finance launched LazyPay -- ‘buy now pay later’-- in 2017 to address the pain points of consumers who needed short-term credit for their online purchases. In August 2019, LazyPay introduced the scan and pay later feature on its app, an offering that allows users access real time credit across thousands of offline merchants and e-commerce platforms, using UPI and Bharat QR codes.
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