Lazypay is one of India’s best, and easiest Buy Now Pay Later services, allowing users to make payments upfront and pay for them later. Due to its simple onboarding process and quick activation, the question arises Is Lazypay RBI Approved? and Is Lazypay Safe to Use?
Before answering Is Lazypay RBI Approved, let us look at some of the characteristics of Lazypay’s Buy Now Pay Later service that differentiates Lazypay from other BNPL providers.
Lazypay started its operations in 2017, making it one of India’s earliest Buy Now Pay Later providers. Currently, Lazypay has over 5 Million downloads on Google Play Store. Lazypay has recently launched its new product, Lazycard, which makes purchases easier than ever. Lazycard also offers No-cost EMI and long-term EMI plans for ease for customers to manage their spending.
Let us comprehend the answer to the questions: Is Lazypay RBI Approved, and is it safe to use?
Is Lazypay RBI Approved?
Yes, Lazypay, part of PayU, is RBI approved and regulated by the Reserve Bank of India. Lazycard, in partnership with the RBI-approved SBM Bank and VISA, is also RBI Approved.
However, in July 2022, Lazypay suspended its Buy Now Pay Later service to comply with the recent directives of the Reserve Bank of India.
Is Lazypay Safe?
Yes, Lazypay is 100% safe and secure. Lazypay ensures complete transparency between the users and merchant transactions. The refund process is hassle-free, and the Lazypay app uptime is 99.99%.
We have personally used Lazypay for the last 5 years and faced no issues. However, users should remember that the bills are paid on time to avoid any consequences in the CIBIL or Experian Score.
Conclusion:
Lazypay is a secure and convenient service to pay for your online purchases. It is also RBI-approved, so you can be sure your money is protected. Spending within limits, Paying the bills on time, and you will not face any issue with Lazypay or any other Pay Later services.
