Dunzo Pay Later powered by LazyPay – 7 Benefits

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Dunzo Pay Later powered by LazyPay – 7 Benefits



Dunzo has a presence in Bangalore, Mumbai, Gurgaon, Delhi, Hyderabad, Pune, Chennai, & Jaipur.

Folks residing in the above cities, within serviceable areas can download Dunzo App and avail the various services offered by Dunzo.

As per Dunzo website, it offers the following services

Quote

 

Dunzo is a 24x7 delivery app that delivers anything to your doorstep in 30 minutes. Grocery shopping or food delivery, Dunzo is the only delivery app you'll ever need.

- Go online grocery shopping at local stores near you

- Get food delivery from top restaurants in the city

- Get medicines delivery from local chemists near you

- Send packages anywhere within the city

- Book a bike ride to go anywhere within the city


Unquote

Dunzo has multiple payment options, which the Dunzo customer can view while completing the transaction.

The pain point was the cart abandonment by Dunzo customers as the final payment involved multiple hops via different channels.

 

Though Dunzo is a merchant partner of ‘Simpl - Shop Online, Pay Later’, all Dunzo customers may not be eligible for ‘Simple – Buy Now, Pay Later’, membership.

Through reverse engineering ‘LazyPay’, and Dunzo entered into a partnership. Through this partnership, all active Dunzo users will have an option to avail LazyPay credit line at a billing cycle of 15 days.

The credit line ranges from INR500/- to INR9,999/- depending on customer’s profile. The credit decision algorithm is not in public domain.

Hence, at this moment, it can be assumed that all active Dunzo users get a credit line of INR500/- which can be increased over a period of time.

At the same time, LazyPay can decrease the credit line.

At this moment, it is also not clear if the LazyPay credit line on Dunzo can be used across all LazyPay    merchants or only restricted for transactions on Dunzo. 

My area in Bengaluru in not serviced by Dunzo, hence the Dunzo app at this moment is not of use to me.

7 Benefits of this tie-up: -

Benefit 01) No need for Dunzo to create a wallet and request users to route transactions via Wallet. Users will not prefer to store money in an exclusive wallet, as the requirement for Dunzo in their lives every day is not that high.

Benefit 02) At a single shot, LazyPay gets access to a wide pool of active eCommerce users. 

Benefit 03) Increase in average transaction value per user, due to last minute impulse purchases

Benefit 04) A win-win for Dunzo and LazyPay. Dunzo can minimise cart ABAN due to pains associated with payment options. An opportunity for LazyPay to spread the Joy of a good credit score.  

Benefit 05) Joy of ‘Buy Now-Pay Later’, experience for majority of Dunzo users. They can evaluate the good and bad of credit cards

Benefit 06) Minimal default chances, as Dunzo has a valid physical location of it’s customers users.

Based on advanced algorithms, Dunzo can restrict users to only specific Dunzo Pay Later categories.

Eg: Though Machine Learning, Dunzo can decide not to offer Dunzo Pay Later to ‘Dunzo Ride’ users.

Benefit 07) A beyond opportunity for LazyPay to power similar programs on other eCommerce Sites.

 Dunzo kicked off the pilot in March 21 and already it is experiencing success with Dunzo Pay Later. After the pilot launch, Dunzo has recorded 4% reduction in cart abandonment due to transaction failures in the past two weeks.

 

Q: What is Buy Now-Pay Later BNPL?

Ans: BNPL is a short-term micro credit model, where consumers have to pay little to no interest for online purchases through ecommerce platforms.

Normally, the billing dates every 15 days i.e 15th and 1st of every month.

All the purchases between 1st and 15th / 16th to 30th are clubbed together and a consolidated bill raised on 16th or 1st of next month as per the issuer’s terms and conditions.

The users have to repay the amount with 5 to 7 days.

No interest is charged if the payment is made with the due dates.

EMI Pay later operate differently.

Disclaimer:

 

References: LazyPay Powers Dunzo's Pay Later Payment Flow @ https://www.prnewswire.com/in/news-releases/lazypay-powers-dunzo-s-pay-later-payment-flow-870758836.html

 

 

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