The card aims to give financially disadvantaged Indians easy access to credit.
LazyPay, India’s preferred Buy Now Pay Later solution by PayU Finance, today announced its partnership with SBM Bank India to launch LazyCard, a line of credit-backed prepaid payment instrument, entering the card segment. The card aims to give financially disadvantaged Indians easy access to credit. Powered by Visa and SBM Bank India, LazyCard is built with a strong rewards structure, creating value for customers with every transaction by delivering bigger and better rewards and cash back offers than ever before. Digitally linked to the LazyPay app, the card uses robust technology to ensure security and a hassle-free experience in handling payments.
Available to the 62 million pre-approved LazyPay users, LazyCard will offer customers a credit limit of up to INR 5 lakh. Consumers can use the card with no membership fee and no annual fee. It also offers users multiple transactional benefits and rewards potential, such as welcome rewards, retention rewards, and Visa Platinum rewards in the form of cash back. The line of credit provided by LazyCard is also enhanced by the rewards received with each transaction. Users have the opportunity to earn 1% to 5% cash back on every transaction, making it one of the most rewarding cards available on the market.
Commenting on the launch of LazyCard, Prashanth Ranganathan, CEO of PayU Finance, said: “According to various industry reports, today only 3 in 100 Indians have a credit card, creating a huge credit deficit in our economy. . We are excited to launch ‘LazyCard’, to empower and uplift underserved people, empowering them to conduct financial transactions without worrying about their bank account balances. Backed by our proprietary credit underwriting capabilities and data science strength, the card has the largest pre-approval base of 62 million customers, helping more people qualify, especially in the tough economy. of the pandemic. We aim to reach the corners of the population and give a map into the hands of all underserved Indians. “
LazyCard’s “Booster” feature is useful for lean borrowers to rebuild their credit score or establish their credit history. This feature allows users to access the card by setting up a fixed deposit with the RBI-regulated SBM Bank India in a two-minute fully digitized application flow. The “Booster” function allows users to achieve three advantages (1) Security of money via a fixed deposit, with higher interest rates than savings to increase wealth (2) Cash back and offers on LazyCard that increase line of credit (3) Improve credit score over time to strengthen their eligibility for future credit needs. As the user continues to transact with the card and build up their creditworthiness, LazyPay will begin to unblock the line of credit. The user is then free to withdraw the deposit and continue to enjoy the enhanced credit access and rewards on the card.
The card, which is an extension of the services offered by India’s most popular deferred payment options, LazyPay, comes in the form of a physical and virtual avatar and offers customers the same level of convenience, speed and convenience. flexibility in their shopping experiences across all touchpoints, online and offline. Cardholders will have access to the line of credit in the LazyPay credit universe, which includes products such as LazyPlus Deferred Payment (UPI), LazyPay (BNPL) and the LazyPay app.
Commenting on the partnership, Neeraj Sinha, Head – Retail & Consumer Banking, SBM Bank India, said: “There is a need to address credit needs using available, accessible and affordable Smartbanking solutions. SBM Bank India is working, as part of its full suite of SmartBanking solutions, in partnership with LazyPay, to introduce Visa powered LazyCard. In addition, this card will facilitate the entire loan processing capacity at the end of LazyPay, thereby helping them move towards better financial inclusion. We are delighted to partner with LazyPay for this prepaid card.
Speaking on the card’s launch, Sujai Raina, Business Development Manager, India, Visa, said: “In recent years, fintechs like PayU Finance have been at the forefront of innovation and development. financial inclusion of new consumer segments in India. We are excited to launch the LazyCard program to make credit more accessible to existing LazyPay customers as well as new credit users. This Visa-powered LazyCard is issued instantly, available in physical and virtual form, and offers users a readily available Visa Platinum line of credit, rewards and benefits, enabling seamless and secure payments at millions of merchants who accept the cards. Visa.
Currently, the card is available to some LazyPay customers and will soon be widely available. All customers interested in early access are invited to sign up for the LazyCard waiting list today. Applying for a LazyCard is a straightforward process. To get this instant prepaid credit card, users need to download the LazyPay app and visit the LazyCard tab where they can enter their KYC details for review. The entire onboarding process is completely digital and paperless and ends in minutes, with instant issuance and activation. The physical card would then be delivered within the stipulated days.