PayU Finance’s Buy Now Pay Later (BNPL) service, LazyPay, has partnered up with SBM Bank India to deepen its arms into the card segment and launched the LazyCard, an instrument based on prepaid payment backed by a credit line. The LazyCard will be backed by Visa and will hone a robust reward and offer structure.
The joint venture between PayU, Visa, and SBM Bank aims at empowering people with stunted financial freedom and comfortability and providing them with easy access to credit. People who are financially underserved are the main target of LazyCard. The customers will be able to avail the card with no joining or annual fee.
Staying true to its robust reward structure, the LazyCard comes with hordes of transactional benefits and multiple rewards, including retention reward, welcome reward, and other rewards in the form of cashback. The LazyCard claims to be the most rewarding card available in the market, with its customers getting an opportunity to earn 1-5 per cent cashback on every transaction they make through the card.
LazyCard’s booster feature enables users to get access to the card by setting up a fixed deposit with RBI regulated SBM Bank India. Customers can have an option to open a fixed deposit account in order to get more cashbacks and boost the credit line. This unique feature will also help to improve credit score over time to strengthen the users’ eligibility for future credit needs.
The LazyCard will be available to customers in both physical and virtual avatars. The card will be linked to the LazyPay app, making it easier for the customer to interact with the entire LazyPay ecosystem, including LazyPlus (UPI), LazyPay (BNPL), and other features associated with the app. The two avatars will ensure a smooth and uninterrupted transaction across all kinds of platforms and establishments.
“We are excited to launch the ‘LazyCard,’ to empower and elevate the underserved by giving them means to carry out financial transactions without worrying about their bank account balance. The card boasts of the largest pre-approval base of 6.2 crore customers,” said Prashanth Ranganathan, CEO, PayU Finance. Ranganathan also highlighted the glaring credit gap in the Indian economy as, citing industry reports, only 3 out of every 100 Indians use the credit card. In addition, he also stated that the LazyCard will be immediately available to the pre-approved 6.2 crore user base with a credit limit of Rs 5 lakh.
LazyPay is at the helm of the fast-growing Buy-Now-Pay-Later and EMI ecosystem led by Bajaj Finance. The LazyCard, with its advent backed by Visa, will come neck and neck with services like Slice, Dhani, and Uni.
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