What is Lazypay and why had Lazypay been growing so rapidly in the last few quarters during the pandemic?

Lazypay is a “Buy now, pay later” platform where people are able to use the limit provided to buy goods and order items for consumption. The money can be repaid within 15 days and the repayment can be made via credit card, debit card or through net banking. While it does not charge interest in the 15-day period, penalties for delays are very steep.

Lazypay has witnessed tremendous growth during the pandemic. Most people used Lazypay on platforms like food deliveries, utilities and groceries during the year. In fact, Lazypay has emerged as the most popular such platform. It recorded average accretion of over 75,000 new users per month and boasts of nearly 2 million active users at this point of time.

In the midst of the pandemic, Lazypay disbursed credit worth Rs.100 crore each month and also saw nearly 20 lakh transactions per month. Food was a big hit during IPL. Now Lazypay looks to ramp up its digital footprint with the use of artificial intelligence and machine learning to reach Rs.400 crore credit disbursements per month.