LazyPay, one of India’s preferred Buy Now Pay Later (BNPL) solutions offered by PayU Finance, announced a collaboration with Meesho, India’s fastest growing internet commerce company. Meesho caters to a diverse set of customers and sellers across the length and breadth of the country. Deepening its services in tier 2 markets and beyond, LazyPay will enable seamless and quicker checkout experiences, making transactions more efficient for shoppers.
Partnering with a company of Meesho’s scale will help LazyPay create a more robust merchant base in e-commerce, while enhancing opportunities for small businesses to serve a wider segment of online shoppers. LazyPay, with a current active user base of 4 million customers, has a ~100% transaction success rate, elevating consumers’ shopping experience by meeting their emotional as well as rational needs.
With nearly 140 million annual transacting customers, Meesho is democratizing e-commerce by making it accessible and affordable for underserved users. The company is India’s largest online marketplace for unorganized retail with one of the largest selections of unique products in the country.
Commenting on the e-commerce partnership, Varun Vummidi, Payments Head, LazyPay, said, “Our vision is to enable every partner to extend the pay later offering for every type of purchase, big or small. With online sales in the fashion and lifestyle segments witnessing major growth in Tier 2 cities and beyond, we are thrilled to partner with Meesho to service this growing demand and offer the convenient checkout experience of LazyPay to their customers.”
Commenting on the collaboration, Utkrishta Kumar, CXO – Business, Meesho said, “At Meesho, we believe that digitisation holds the keys to building an inclusive e-commerce ecosystem. Our partnership with LazyPay will offer our consumers another efficient checkout option, making user experience on the platform even more seamless and enjoyable. As we build out a platform for the next billion users in India, this collaboration will enhance our customer-centric approach while boosting financial inclusion.”
The pandemic-triggered e-commerce boom is here to stay. With customers maturing in their adaptability and use of e-commerce platforms, they are now looking for more – more product options, greater choice of brands and a user-friendly purchasing experience. Driven by the growing mobile penetration and changing consumer behaviour, India’s e-commerce market has the potential to become the third largest in the world, with US$ 350 billion by 2030.