Lazypay Announces to Partner Dukaan for Better Pay Later Services

Buy Now Pay Later (BNPL) solution offered by PayU Finance, LazyPay, has announced its partnership with retail commerce aggregator, Dukaan. This partnership is said to be aimed at catering to small businesses ecosystem. Dukaan, with the help of its app, lets retailers get an online presence. On the other hand LazyPay lets customers get small loans in the form of pay later services. With this partnership BNPL solutions will be given to small sellers and entrepreneurs across categories, which will enable them to expand their operations. Moreover, this partnership will let customers have time saving checkouts.

LazyPay was incorporated in 2017, and is consistently acquiring merchants with the help of its platform. According to the company, it has more than 46,000 merchant and the numbers are being growing consistently. There is a huge demand of easy to use BNPL services and this collaboration will witness the same demand.

Varun Vummidi, Payments Head, LazyPay, said, “India is a booming economy and SMBs (small businesses) 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."

Dukaan claims that, almost 60 percent of its Mobile first app users (merchants) belong to tier II and tier III markets. Introduction of BNPL solutions along with available payment modes is said to help storekeepers boost sales and encourage first-time customers to visit the shops again and again. LazyPay’s strong user base will help this partnership to gain customers.

Vice President of Business, Dukaan, Suryansh Kumar, said, “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 has near about 100 percent of transaction success and gives a quick checkout experiences to customers. Such features will help Dukaan to enhance the user experience of its partners.

With this strategic move in reaction to BNPL becoming one of the most popular payment methods in the present, LazyPay has expanded its services to SMB merchants. SMBs are thought to be essential to a nation's economic expansion. An industry survey claims that after the pandemic, small businesses adopted technology at a rate of 40 percent  rather than 29 percent , and this adoption will be marked by digital transformation. Additionally, the company predicted that BNPL will raise its market share by 6 percentage points, from 3 to 9 percent, in 2024, making it the fastest-growing alternative for online payments.

BNPL Honing on to Become the Next Payment Option

The Buy Now Pay Later industry's total market value in 2021 was USD 15.91 billion. The global BNPL market is anticipated to expand at a CAGR of 21.7 percent  from USD 22.86 billion in 2022 to USD 90.51 billion by 2029.

The growth of the global market has been fuelled by the rise in millennial service adoption and the number of e-commerce platforms.

According to market analysis by Benori Knowledge, Buy Now, Pay Later, or BNPL, would account for 14 percent  of the transaction value for e-commerce enterprises by 2026, up from 3 percent  of such transactions in 2021. One of the most intriguing trends to emerge in the context of India's fast use of e-commerce platforms is the BNPL payment option.