PayU’s LazyPay Integrates With Blinkit To Enable One Tap Mobile Payments For Customers

SUMMARY

With the LazyPay integration, Blinkit users will now be able to get a credit line, with no additional cost to merchants

In April, PayU India received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator

PayU India posted a 11% year-on-year (YoY) jump in its revenue to $444 Mn in FY24

Prosus-owned digital payments giant PayU India’s credit service LazyPay has partnered with Blinkit to facilitate its users with one tap mobile payments.

With the introduction of LazyPay’s advanced payment solution, Blinkit users will now be able to get a credit line, with no additional cost to merchants.

Additionally, Blinkit merchants will gain access to LazyPay’s payment mode and dashboard, enabling them to monitor business performance more efficiently.

“By integrating LazyPay’s advanced payment solutions with Blinkit’s platform, we enable customers to utilize their credit line through a seamless and secure platform. This partnership aligns perfectly with our mission to provide swift, reliable, and secure ‘Pay Later’ services, streamlining digital payments,” said Niket Shrivastava, head of merchant business at LazyPay.

With the Blinkit addition, LazyPay has expanded its portfolio of quick commerce clients, which includes Swiggy Instamart, Zepto and Big Basket.

PayU India enables businesses to collect online and offline payments via more than 150 payment modes, including debit cards, credit cards, net banking, BNPL, QR, UPI, EMIs, and wallets. It competes with the likes of Razorpay and Cashfree in India.

In 2017, PayU entered the consumer credit segment with LazyPay, a lending platform which offers point-of-sale credit solutions.

The development comes at a time when PayU India is looking to make its stock market debut. As per media reports, the fintech giant could file its draft red herring prospectus (DRHP) with the Securities and Exchange Commission of India (SEBI) this year for an initial public offering of at least $500 Mn.

In April, PayU India received an in-principle authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). The nod allowed the company to onboard new merchants for its payments business.

Earlier this week, Dutch investment company Prosus, in its annual 2024 report, said that PayU India posted a 11% year-on-year (YoY) jump in its revenue to $444 Mn in the financial year 2023-24 (FY24).

The growth in revenue came primarily on the back of the rise in volumes from its existing merchant user base and growing “value added” services.

While PayU India’s total payment value (TPV) rose 22% YoY in FY24, its payment service provider business logged a 3% trading loss as against a 3% trading profit in the previous year.