PayU Finance Closes India’s Financial Inclusion Gap With Launch of Credit-Backed LazyCard

LazyPay, the buy now and pay later solution with PayU . FinanceAnd Set to empower financially underserved India by launching LazyCard; A prepaid debit card backed by a rewarding line of credit.

The launch of LazyCard will be supported by LazyPay’s recent partnership with SBM Bank of India.

The card aims to empower financially disadvantaged Indians with easy access to credit. Powered by Visa and SBM Bank India, LazyCard is built with a robust rewards structure, which creates better value for customers with every passing transaction.

Visa has made headlines recently with its continued ambition to bridge the financial inclusion gap in India. Towards the end of last year, the issuer entered into a partnership with Innovative Payment Solutions To simplify the access of payments in hard-to-reach locations in the country.

Registration in the card scheme and the management of payments are simplified by linking the card to the LazyPay digital banking application; With no subscription or annual fees incurred. It also means that if something goes wrong with the account, users can easily correct the problem.

Available to 62 million pre-approved LazyPay users, the LazyCard will have a credit limit of up to INR 5lakh (approximately $6763). It also provides users with multiple transaction benefits and the possibility to earn rewards such as welcome rewards, retention rewards and Visa Platinum rewards in the form of cashback.

The credit limit offered by LazyCard is also enhanced by the rewards received on every transaction. Users will have the opportunity to earn between one percent and five percent cashback on every completed transaction, proving that LazyCard is one of the most rewarding cards available in the market.

What’s particularly interesting about LazyCard’s capabilities is its “Booster” feature, which will allow thin-file borrowers to rebuild their credit score or create their own. This feature allows users to access the card by setting up a fixed deposit with SBM Bank India in a fully digital process.

This brings three main benefits to the user:

  • Secure money via fixed deposits, with higher interest rates than savings that will boost wealth.
  • Cashback offers and offers on LazyCard that support credit limit.
  • Improves their credit score over time to enhance their eligibility for future credit needs. As the user continues to transact with the card and builds creditworthiness, LazyPay will begin to open the credit line. The user is then free to withdraw the deposit and continue to enjoy access to credit and enhanced rewards on the card.
Prashanth Ranganathan, CEO of PayU Finance
Prashanth Ranganathan

Commenting on the launch of LazyCard, Prashanth RanganathanPayU Finance CEO said: “According to various industry reports, today only three out of 100 Indians own a credit card, which creates a massive credit gap in our economy. We are excited to launch LazyCard, to empower and uplift the underprivileged, by giving them the means to conduct financial transactions. without worrying about their bank account balance.

“Backed by our credit underwriting capabilities and data science muscle, the card boasts the largest pre-approval base of 62 million customers, helping more people qualify, especially in the turbulent economy of the pandemic. We aim to reach the corners of the population and give a card into the hands of all Disadvantaged Indians.

The card, which is an extension of services offered by the most popular deferred payment options in India, comes in physical and virtual token form and offers customers the same level of convenience, speed and flexibility in their purchasing experiences across all touch points, both online and offline.

Cardholders will be able to access the credit limit across the LazyPay credit world, which includes products such as LazyPlus (UPI), LazyPay (BNPL), deferred payment and the LazyPay app.

Commenting on the partnership, Neeraj SinhaHead of Consumer and Consumer Banking, SBM Bank India stated: “There is a need to solve credit needs using available, accessible, and affordable smart banking solutions. SBM Bank India, as part of its comprehensive suite of SmartBanking solutions, in partnership with LazyPay, seeks to Introducing the Visa-powered LazyCard. Furthermore, this card will facilitate the ability to fully process loans at the end of LazyPay thus helping to achieve better financial inclusion.”

Sujai Raina, Head of Business Development, India, Visa
Sujay Raina

Moreover , Sujay RainaHead of Business Development India, Visa said: “Fintech companies like PayU Finance have, in recent years, been at the forefront of driving innovation and financial inclusion for new consumer segments in India. We are excited to launch the LazyCard program to make credit more accessible for existing LazyPay customers as well as new users. Available in both physical and virtual form, this Visa-powered LazyCard offers users an easily available credit line, rewards and Visa Platinum benefits, enabling seamless and secure payments across millions of merchants that accept Visa cards.”

The entire setup process is completely digital and paperless, and completed within minutes, with instant release and activation.

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