Lazypay is a hassle-free way to get credit to make payments. Lazypay was launched by PayU India and is considered a reliable and trustworthy payment company. First, you have to register in the App. Registration is easy with very few documents – like your Aadhaar card include passport, voter ID, bank passbook, driving license, gas bill, electricity bill, bank statement, landline bill, or mobile bill. Once you are verified, the App allows you to use the credit facility. There is also a charge of a 2% processing fee. The interest on outstanding amounts ranges from 15% to 28%.
Get Credit and Start Purchasing
You can shop without the bother of carrying your wallet around, or if you fall short of money, you can always avail of the Apps credit facility. They provide credits to their clients for amounts ranging from ₹ 10,000 up to ₹ 1,00,000. Your credit limits can be increased if your take-home salary is more than ₹ 30,000. Your credit scores will depend on your borrowings and repayment history.
Repayment of the Loan
The outstanding amount can be paid by EMIs. The repayments can be made for periods ranging from 3 months to 24 months. They also allow an extension of your payment due date if you have any technical problems. However, you have to contact customer service and get the extension approved. Otherwise, interest will be levied on the outstanding amount.
Also, if your repayment is rejected due to insufficient funds, then Lazypay will pay the penalty and add it to your next bill. Incidentally, the interest rates can be negotiated. It is based on the amount you borrow, tenure and credit score. A GST of 18% is applicable on banking products and services from July 1, 2017. Lazypay is available on Google Play Store and the App Store. It uses UPI platforms for its transactions.
What is UPI and how does it work?
UPI (Unified Payment Interface) enables you to transfer money from one bank account instantly with the help of a smartphone. It is a platform that is compatible across most payment gateways like Lazypay and other similar Apps. It is a system that links your bank account with your mobile application so that you can make transactions safely.
UPI payment App is the brainchild of the National Payments Corporation of India (NPCI) in 2015. It gained recognition after the demonetisation in 2016. Today most of banks are using this platform for their transactions.
The key features of UPI payments are :
- Customers can send and receive money securely using VPA (Virtual Payment Address)
- Instant payment can be made to merchants
- It is very safe, easy and secure.
- Funds can be transferred on a 24/7 basis.
- The best thing about UPI is that you don’t have to share your account details to receive payments since it is done via a UPI ID
- With a UPI-enabled bank account, you can create a UPI ID and use it to transfer money.
- You can also use your Aadhaar number, VPA, to make transfers.
As more and more banks embrace this type of system, more options and features will be added to the UPI payment platform. This will make it easier for the common man, especially those who are not technology savvy.
Download theLazyPay app, get your credit limit and enjoy making those purchases like you never have !!!