To enhance digital payment convenience, Prosus-owned digital payments giant PayU India has announced a strategic partnership between its credit service LazyPay and quick commerce platform Blinkit. This collaboration aims to facilitate one-tap mobile payments for Blinkit users, offering a seamless and secure way to access credit lines without additional costs to merchants.
With LazyPay’s advanced payment solution now integrated into Blinkit’s platform, users can enjoy the benefits of a credit line for their purchases. Additionally, Blinkit merchants will gain access to LazyPay’s comprehensive payment mode and dashboard, enabling them to monitor business performance more efficiently.
Niket Shrivastava, Head of Merchant Business at LazyPay, highlighted the significance of this partnership 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.
The collaboration with Blinkit marks an expansion of LazyPay’s portfolio of quick commerce clients, which already includes notable names like Swiggy Instamart, Zepto, and Big Basket.
PayU India, known for enabling 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 competes with the likes of Razorpay and Cashfree in the Indian market. Since entering the consumer credit segment in 2017 with LazyPay, PayU has been a significant player in point-of-sale credit solutions.
This development comes at a pivotal time as PayU India prepares for its stock market debut. According to media reports, the fintech giant plans to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) this year, targeting an initial public offering of at least $500 million.
In April, PayU India received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA). This authorization allows the company to onboard new merchants for its payments business.
Recently, Dutch investment company Prosus, in its annual 2024 report, revealed that PayU India posted an 11% year-on-year (YoY) increase in revenue, reaching $444 million in the financial year 2023-24 (FY24). This growth in revenue was primarily driven by increased transaction volumes from its existing merchant user base and the expansion of value-added services.
While PayU India’s total payment value (TPV) rose by 22% YoY in FY24, the company’s payment service provider business experienced a 3% trading loss, compared to a 3% trading profit in the previous year.
