PayU Finance’s Buy Now Pay Later (BNPL) service, LazyPay, has partnered with SBM Bank India to deepen its arms in the card segment and launched the LazyCard, a prepaid payment-based instrument backed by a line of credit. The LazyCard will be supported by Visa and will refine a strong structure of rewards and offers.
The joint venture between PayU, Visa and SBM Bank aims to give financially retarded people financial freedom and comfort and provide them with easy access to credit. Financially underserved people are the main target of LazyCard. Customers will be able to avail the card with no membership fees or annual fees.
True to its robust reward structure, the LazyCard comes with hordes of transactional benefits and multiple rewards, including a retention reward, welcome reward, and other cashback rewards. The LazyCard claims to be the most rewarding card available on the market, with its customers having the opportunity to earn 1-5% cashback on every transaction they make through the card.
The recall feature of LazyCard allows users to access the card by establishing a fixed deposit with the RBI regulated SBM Bank India. Customers may have the option of opening a fixed deposit account to earn more cash back and increase the line of credit. This unique feature will also help improve credit rating over time to strengthen users’ eligibility for future credit needs.
The LazyCard will be available to customers in physical and virtual avatars. The card will be linked to the LazyPay app, which will make it easier for the customer to interact with the entire LazyPay ecosystem, including LazyPlus (UPI), LazyPay (BNPL) and other features associated with the application. Both avatars will ensure a smooth and uninterrupted transaction across all kinds of platforms and establishments.
“We are excited to launch the ‘LazyCard’, to empower and uplift the underserved by empowering them to conduct financial transactions without worrying about their bank account balance. The card has the largest pre-approval base of 6.2 crore customers,” said Prashanth Ranganathan, CEO of PayU Finance. Ranganathan also pointed to the glaring credit gap in the Indian economy as, citing industry reports, only 3 out of 100 Indians use credit card. Further, he also said that the LazyCard will be immediately available to the pre-approved user base of 6.2 crore with a credit limit of Rs 5 lakh.
LazyPay leads the fast-growing Buy-Now-Pay-Later and EMI ecosystem led by Bajaj Finance. The LazyCard, with its advent backed by Visa, will come neck and neck with services like Slice, Dhani and Uni.
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