LazyPay extends it’s ‘Pay Later’ offering for subscription services
LazyPay, India’s most popular Pay Later option, announces its partnership with Gaana.com, Sony Liv and ALT Balaji to offer ‘Pay Later' facility to their subscriber set. LazyPay ‘Pay Later’ eliminates the need for repeated OTPs requests, CVV numbers or net banking details, making the process of checkout seamless and convenient for its customers resulting in higher conversion rates for the merchants. The ‘one-click-pay-later’ feature on Gaana.com, Sony Liv and ALTBalaji will help users subscribe faster and pay later thus providing an overall entertainment experience. By enabling the pay later payment facility for subscription businesses, LazyPay will be able to expand its horizon and reach to a larger set of consumers base.
Millennials, being the key contributor to this growth, constantly consume content on-the-go, be it the latest daily soaps, movies or foot-tapping music. The vast proliferation of mobile phone and burgeoning app services amongst these millennials have accelerated the success of subscriptions industry. According to Global Entertainment & Media Outlook report released by PwC India in June 2019, the subscription video on demand (SVOD) is expected to grow at 21.8% CAGR from Rs 3,756 crore in 2018 to Rs 10,708 crore in 2023. Furthermore, according to the same report, in 2018 India’s music, radio and podcasts market was worth Rs 5,753 crore which was up from Rs 3,890 crore in 2014. Total music streaming revenue forecast is likely to hit Rs 10,858 crore by 2023, a 13.5% CAGR growth. Thus, reflecting a massive opportunity that these streaming platforms offer for subscriptions.
Taking this into account, there is a huge potential for subscription apps to save consumers time by providing a payment experience that places convenience at the center of the customer journey. This can be achieved by providing auto-renewal facility where the entire process occurs without any intervention by the consumer such as OTP, CVV, authorization codes, etc. A consumer can subscribe on Gaana.com, ALTBalaji and Sony Liv using LazyPay and will be allowed to repay later in 15 days through the LazyPay app.
Announcing the partnership, Pallav Jain, Country Head at PayU Finance, “The partnership with these entertainment giants is truly exciting and marks our foray into subscription services. This is another step in our endeavour to stay close to the needs and behaviour of our customers and make their overall experience seamless by removing the friction from payment and availing easy credit. With millennials increasingly turning to these streaming platforms due to their access and convenience, we wanted to help them by providing a smooth payment process. Hence, we believe it’s an appropriate time for 'buy now pay later’ industry to enter subscription services. We will continue to offer convenience and financial freedom to our consumers, both in the online and offline sphere.”
Talking about the association, Prashan Agarwal, CEO, Gaana.com said, “Gaana is excited to partner with LazyPay as it will make the overall streaming experience superior for our customers. For us at Gaana, customers’ convenience has always been our utmost priority and this partnership with LazyPay automates the payments process, thus making subscription comfortable and simple.”
Speaking on the collaboration, Sunil Nair, Chief Operating Officer, ALTBalaji said, “When we decided to empower our users by giving them an option to buy now pay later, LazyPay was a perfect choice for us at ALTBalaji. We wanted to provide our users with a simple payments method that would make the checkout efficient yet quick without any disruptions or drop offs. The association will allow the consumers to binge-watch their most loved shows on ALTBalaji without going through the complicated transaction process as LazyPay makes it seamless.”
Launched in 2017 as 'buy now pay later' option at checkout, LazyPay has expanded its portfolio and has evolved into a full-fledged credit provider, offering EMI on online merchants and app based instant personal loans. With this latest announcement of instant credit through UPI and Bharat QR, LazyPay will now go omnichannel.
With an intent to provide convenience and accelerate at the checkout process, PayU launched LazyPay 'buy now pay later' in 2017. Pay later also addressed the pain points of consumers that needed short term credit for their online purchases. Two years later, LazyPay has emerged as a full-fledged alternate lending platform offering an instant line of credit in the form of pay later (short term credit), app-based personal loans and EMIs at the checkout on various e-commerce websites. The platform has witnessed phenomenal success among consumers with 1mn app downloads and over 1mn + loans being disbursed every month. LazyPay is dedicated to removing risks to merchants, allowing consumers to use credit in ways that suit them and enabling millions of consumers to access credit services. In August 2019, LazyPay introduced 'Scan & Pay Later' feature on its app, a revolutionary credit offering that allows users to access real-time credit across thousands of offline merchants and e-commerce platforms, using UPI and Bharat QR Codes. With 'Scan and Pay Later' LazyPay is now available both online and offline.