PayU, a leading online payment solution provider, is now offering users the option of deferred online payments. The service, called LazyPay, whose pilot went live in March 2017, will be formally launched on Wednesday June 7. Team PayU has set aside $50 million to develop, market, and promote the service in India over the next two years.
LazyPay provides users a deferred payment facility for 15 days with a transaction limit decided as per the purchasing behaviour of every individual. Currently Zomato, PVR, Box8, Jazz Cinemas, Netmeds and Innerchef allow users to defer payments via LazyPay.
The service will essentially compete with current digital payment solutions like net-banking, credit and debit cards, digi-wallets, UPI, BHIM, etc.
PayU though is not worried about entering an already cluttered market. “We are introducing an improvement to the fin-tech sector. And this is a sector that will continue to evolve. The only challenge I see is with more evolved upcoming products that may challenge us in this sector,” said Abhijit Bhattacharya, Head-Consumer Business Marketing, PayU India.
With the formal launch of this new feature, which is a first of its kind in Asia, PayU is rolling out its first ever strategic marketing initiative. LazyPay will go through an 8-10 week brand building phase beginning June 7. Following the trend of leveraging stand-up comedians for brand promotions among the 18-30 years demographic, LazyPay has signed on Cyrus Sahukar, Hoezay Covaco, Varun Thakur, Jeeveshu Ahluwalia and Kaneez Surka to promote the feature. “We have picked comedians according to their appeal among our TG. One of them is popular is Mumbai, another in Delhi, one has great appeal among women, and a comedian who addresses the 26-30 age group as well,” said Bhattacharya. The first digital video for LazyPay will feature popular comedian Cyrus Sahukar.
The digital ads, eight in total, featuring the comedians will be content-led, he said. “If it is a 30 second spot, we will have the comedian deliver a completely non-branded joke for the first 25 seconds and use the last five seconds to bind that joke to the product itself.” LazyPay intends to leverage social media to collect stories of laziness from among users. It will then use that content to create an ad that uses only user-generated content in the last week of the campaign, Bhattacharya said.
PayU will complement its digital video campaign for LayPay with a number of on-ground activations. The company will tap into its 250 college-strong campus affiliations to drive enrolment and launch a Lazy Club for its users. The marketing for the service will be based heavily on educating users about the features. Bhattacharya said that around 70% of the marketing spends for this service will go to activations and educating users about LazyPay. The company aims to get over 5 million users on board in the next one year.