LazyPay, a buy-it-now and pay-later solution offered by PayU Finance, announced on Tuesday that it is expanding its reach into the rapidly growing q-commerce market through its partnership with the grocery delivery platform in 10 minutes Zepto, a Y-combinator-backed solidifier.
The partnership will offer consumers the option to pay later for frequent purchases. LazyPay will provide a seamless payment experience to Zepto customers for fast transactions, adding even more speed and ease to their on-demand instant delivery experience.
The company said, “With this partnership, LazyPay is pushing deeper into the hyperlocal/fast commerce segment, further strengthening its merchant base of over 38,000. Combined with LazyPay’s rapid adoption of the Buy Now Pay Later (BNPL), the partnership will redefine the grocery shopping experience for Zepto consumers.”
As one of the fastest growing quick commerce solution providers, Zepto is adding 100,000 new consumers every week. The collaboration has the potential to further accelerate customer adoption of Zepto through LazyPay’s strong customer base. In addition to the fast checkout experience, Zepto will also benefit from LazyPay’s nearly 100% success rate, reducing instances of cart abandonment. BNPL payment option will be available for Zepto customers in Delhi, Ghaziabad, Gurgaon, Noida, Mumbai, Pune, Kolkata, Bangalore, Chennai and Hyderabad.
Anup Agrawal, Business Head, LazyPay said, “Online shopping has resumed rapidly in India due to Covid-19. However, as the situation normalizes, we see continued growth trends and customer demands, as evidenced by the rapid rise of the q-commerce segment. We are very pleased to partner with Zepto, given our shared goal of providing a convenient and hassle-free customer experience. Through this collaboration, we aim to make high-frequency shopping effortless, and we look forward to helping Zepto reduce cart abandonment due to failed transactions.”
Commenting on the collaboration, Kaivalya Vohra, Founder and CTO of Zepto, said, “Our collaboration with LazyPay will serve as a catalyst for technical innovation, ensuring a seamless checkout experience for users. We are delighted with this collaboration and look forward to providing a rewarding experience for our users.”
The integration of LazyPay by Zepto is a strategic response for BNPL to become one of the preferred payment options today. According to a report, the BNPL sector will become the fastest growing online payment option with a 6% increase in market share from 3% to 9% by 2024. Moreover, according to reports from industry, the q-commerce market is estimated to grow to $5 billion by 2025.
Download the app to get 14 days of unlimited access to Mint Premium absolutely free!