LazyPay, one of India’s preferred Buy Now Pay Later (BNPL) solution offered by PayU Finance, announced the expansion of its Pay-Later service into the SME/SMB ecosystem through its partnership with Dukaan, an easy-to-use app that lets retailers create online stores. The partnership will offer BNPL solution to small sellers and entrepreneurs across various categories, potentially enabling them to scale their operations. For end-users, this collaboration will allow a seamless checkout experience for time-efficient transactions.
The collaboration is a testament to LazyPay’s growing merchant ecosystem, signifying a strong demand for quick, convenient, and hassle-free BNPL solutions. Since its introduction in 2017, LazyPay’s merchant ecosystem has grown multifold and today stands at 46,000.
For the mobile-first app, close to 60% of Dukaan’s merchants come from tier II and tier III markets. Integrating the BNPL solution into the available payment modes will help storekeepers drum up sales and encourage first-time customers to become repeat customers. The partnership further has potential to accelerate customer adoption through LazyPay’s strong user base. In addition to quick and seamless checkout experiences, Dukaan will also benefit from LazyPay’s near 100% transaction success rate.
Commenting on the partnership with Dukaan, Varun Vummidi, Payments Head, LazyPay said, “India is a booming economy and SMBs are contributing largely towards growth. They are becoming ubiquitous with increasing adoption of technology. We are excited to partner with Dukaan as Buy Now Pay Later solutions increase opportunities for SMBs, allowing them to cater to a wider section of online customers with a penchant for faster and hassle-free shopping experience.”
Commenting on the collaboration, Suryansh Kumar, VP Business, Dukaan said, “We are excited about this partnership as this will help our merchants create a flawless payment experience for their customers and hence has the potential to scale our overall ecosystem. Joining hands with LazyPay will be a catalyst to our business, by helping us add to our objective of providing the best services to our customers. We are looking forward to this collaboration.”
LazyPay extending its services to SMB merchants is a strategic response to BNPL becoming one of the preferred payment options in current times. SMBs are considered the core of country’s economic growth. According to an industry report, technology adoption in small businesses has moved from 29% to 40% post Covid and will be characterized by digital transformation. Additionally, as per the report, the BNPL sector will rise to become the fastest growing online payment option with a 6% rise in market share from 3% to 9% in 2024.