Top Alternatives to LazyPay in India

Digital payments have become a vital element of our daily lives in today’s globe.

We rely significantly on digital payment networks to streamline our financial activities, from online shopping to bill payments. LazyPay is one such platform that allows for quick and easy payments with the option of paying later.

With over 6 crore users, LazyPay has established itself as the go-to app for consumers seeking lightning-fast credit payment solutions. Unfortunately, LazyPay has recently had some service quality issues, prompting people to explore other options.

I. Why Look for LazyPay Alternatives?

While LazyPay has established itself as a top credit payment app in India, recent reports suggest that the app’s service quality has deteriorated. Some of the common limitations of LazyPay in recent times include:

• Removal of credit card payment facility
• Unprofessional customer support
• Technical glitches leading to failed transactions
• Limited merchant partnerships

As a result, many LazyPay users are looking for alternatives that offer better service quality and more reliable payment options. In the following sections, we will explore some of the best LazyPay alternatives that users can consider for their credit payment needs.

II. Top Alternatives to LazyPay

1. Bullet Pay by Jupiter Edge

Bullet Pay by Jupiter Edge is a UPI payment and pay later app that debuted in November 2020. It is a component of the well-known Jupiter Money app, which has had over 50 lakh downloads on the Google Play Store. Users may effortlessly recharge their phones, pay bills, and purchase online with Bullet Pay, and they can pay later.

The app provides a quick way to purchase and pay in a few days, making it great for individuals looking to better manage their finances. You may utilize Bullet Pay at a number of online retailers, including Zomato and other online shops.

Online or offline, users can make any purchase and pay with credit. It’s crucial to remember that in order to use this program, users must have a decent credit score, and acceptance is dependent on creditworthiness.

• Instant Credit: Get up to ₹10,000 credit within minutes.
• Bill Cycle: Bills are sent twice a month on the 15th and the last day of the month.
• Timely Reminders: Never miss a payment with timely reminders.
• No Interest and Fees: Enjoy a 15-day zero-interest repayment cycle without any fees.
• Minimal UI: Easy to use with a simple and straightforward interface.
• Fast and Easy Registration: Register quickly with just your mobile number and PAN card details.
• Scan and Pay: Conveniently pay any bill with just a few clicks.

2. ZestMoney

Zest is a rapidly rising fintech firm that is altering the game of consumer finance in India. Zestmoney was founded in 2015 by Lizzie Chapman, Priya Sharma, and Ashish Anantharaman.

Since then, it has been devoted to improving the lives of over 300 million Indian households that cannot obtain credit owing to a lack of credit history. It allows users to monitor their credit limit and complete their KYC on the app.

ZestMoney has over 1 crore downloads on the Play Store. Furthermore, it is available in over 75,000 physical retail establishments and 15,000 online businesses, giving consumers a variety of possibilities. The World Economic Forum named ZestMoney a 2020 Technological Pioneer in recognition of their unique financing methodology.

• Pay Later in Installments: Zest offers the flexibility of paying for your purchases in 3 interest-free installments. You can also choose to pay in 6, 9, or 12 installments, although these options come with some charges.
• Clear Terms and Conditions: Zest has transparent terms and conditions, with no hidden charges or joining fees. However, you should note that missing an EMI will attract a penalty of INR 250.
• Wide Acceptance: Zest is accepted at over 10,000 online stores and 75,000 physical retail stores, making it easy for you to shop both online and offline.
• Fast Approval Process: With Zest, there is no need for any paperwork or credit card. The 3-step approval process is fast and hassle-free.
• High Credit Limit: Depending on your credit profile, Zest offers a credit limit of up to INR two lakh, giving you the freedom to make bigger purchases.

3. Kissht

Kissht, formerly known as Fastbanking, is India’s premier credit-led payment solutions provider. It was founded in 2015 and promises to provide clients around the country with rapid and easy credit financing. Its completely digitized and automated fulfillment technology enables clients to make purchases across online and physical channels.

Kissht has a substantial market presence, with 50+ online partners and 3000+ retail outlets.

Customers can also buy with convenience because the firm offers quick and easy EMI at the point of sale. The platform is completely linked to an app that allows consumers to digitally submit documents, make payments, and view loan data.

Kissht is quickly increasing its reach to assist more people to get credit finance, with over 10 million app downloads and 3.5 million pleased clients.

• Wide range of merchants: Kissht offers its customers the freedom to choose and shop products from a wide range of merchants.
• 100% digital process: It provides a completely digital process for its customers, from uploading KYC details to instantly receiving credit in their bank account. Customers can also use the Kissht Credit QR code to seamlessly accept payments or make purchases at a shop.
• Multiple repayment options: Kissht offers multiple repayment options for its customers, making it easy for them to repay their loans.
• Flexible tenure: It provides its customers with the freedom to choose their own repayment tenure.
• Kissht Digital EMI Card: Customers can opt for the Kissht Digital EMI Card by paying a processing fee of INR 199 + GST (i.e. INR 235). Once eligible and after receiving the first credit, the processing fee is refunded to the customer.

4. PostPe

PostPe, owned by BharatPe, is a buy now pay later (BNPL) service founded in 2018 by Ashneer Grover and Shashvat Nakrani. It offers a credit limit of up to Rs.10 lakh and a virtual credit card to make purchases, along with the option to pay via a PostPe card.

Customers can easily scan a QR code and make payments using PostPe credit at merchant outlets. Their tagline is    “De Dena Aaram Se,” meaning pay at your convenience.

PostPe also offers the option to convert outstanding amounts into EMIs with a tenure of your choice. Additionally, users can check their spending and win exciting cashback and rewards. The credit limit starts from ₹ 1000 and the upper limit is determined based on the user’s repayment history.

• Cashback on Referral – You can earn a cashback of up to 5% by referring a friend to use the app.
• Flexible Repayment Tenure – PostPe offers repayment tenures between three and six months. You can choose any tenure based on your ability to clear it.
• Online and Offline Payment – You can use PostPe to make payments both online and offline, with no charges whatsoever.
• Personalized Cards – With PostPe, you get a personalized card and a virtual credit card that can be used to purchase a variety of items, from everyday commodities to luxury items.
• Minimal Documentation – The Buy Now Pay Later feature of PostPe has minimal documentation requirements, making it easy to get credits in just a few seconds. Eligibility criteria include being over 21 years old and receiving a regular salary.
• Bill Payment – At the start of every month, a bill is generated. You have five days to either return it or convert it into an EMI.
• Personalized Dashboard – With the PostPe app, you get a personalized dashboard where you can view your latest transactions, available credit limit, cashback received, and other details.
• Easy Money Transfer – You can easily send money to your friends or transfer money to your bank account by simply scanning a code.

5. Flipkart Pay Later

Flipkart Pay Later is a payment option introduced by Flipkart in 2017 to make the checkout process easier for customers. Customers can use this option to make purchases and pay for them without incurring any extra fees before the fifth of the following month. Also, customers have the option to group their payments together for one large transaction.

Flipkart Pay Later offers credit limits up to Rs. 1 lakh, and the activation process is straightforward, needing only the input of PAN and Aadhaar data, OTP verification, and bank account verification. Customers can choose this option to receive flexible payment options, which takes the anxiety out of making payments at the time of checkout.

Many shoppers now find buying to be more comfortable thanks to Flipkart Pay Later, a well-liked payment option on the website.

• Pay Bills: With Flipkart Pay Later, you can conveniently pay your utility bills, postpaid bills, and other bills by just choosing the Pay Later option during checkout. You can pay the minimum or nil amount and then clear the balance before the 5th of the next month without any extra charges.
• No Extra Cost: Flipkart Pay Later lets you shop now and pay later without any additional costs. You can enjoy the products you purchase and then clear your dues before the due date.
• EMI Options: Flipkart Pay Later offers EMI options with an interest rate of about 22-24% per annum.
• Payment Options: You can use Flipkart Pay Later with all payment options other than Cash on Delivery (COD), such as UPI, credit card, debit card, net banking, and wallets.
• Available on Multiple Platforms: Flipkart Pay Later is available on Flipkart, Myntra, Shopsy, and PhonePe.
• Usage Charges: Usage charges of Rs. 15 will be levied for amounts greater than Rs. 10,000.
• Credit Limit: Your Flipkart Pay Later credit limit starts at Rs. 5,000, which may increase or decrease based on your purchase and repayment behavior from time to time.

6. CashE

CashE is a fintech company founded in 2016 by V. Raman Kumar that offers instant credit to young salaried professionals. With a team of 170 people and over 7 million app downloads, CashE has disbursed loans worth over 2000Cr. The company operates from Mumbai and Hyderabad, and funds are generally provided by private investors.

One of the unique features of CashE is its instant credit line facility, which allows users to borrow money up to ₹ 2 lacs. Interest is only charged on the money spent and not on the overall approved limit. This makes it a flexible and convenient option for those who need quick access to funds.

With CashE, young professionals can get access to credit without having to go through the traditional banking process, making it an attractive option for those who want to avoid the hassle of lengthy documentation and waiting periods.

• Multiple BNPL Loans: Opt for multiple Buy Now Pay Later (BNPL) loans to fund your purchases.
• Credit Line: Borrow and repay the money on a revolving basis without applying for a new loan.
• Easy Application and Instant Disbursals: Hassle-free online application and instant disbursals.
• Max Loan Eligibility: Borrow up to 500% of your net monthly salary.
• Processing Fee: Small processing fee of ₹500 or 1% of the credit amount, whichever is higher.
• Loan Tenure: Repay loans for a minimum of 3 months and up to 1.5 years.
• Interest Rate: 2.5% per annum for a tenure of one year with penalty fees of 0.1% per day for delayed EMI repayments.
• Minimum Salary Eligibility: Accessible to salaried professionals earning a minimum of ₹15,000 net per month.
• Self-Set Credit Limit: Set your own credit limit according to your capacity for better financial management.

7. Simpl Pay Later

Simpl is a Bangalore-based fintech firm co-founded by Nityanand Sharma that provides a full-stack, mobile-first platform for credit-based payments. It has swiftly acquired popularity among users thanks to its user-friendly design and straightforward regulations, and it now has a global user base of 7 million individuals.

The company’s objective is to simplify the payment process for both customers and merchants. It aims to remove the need for mounds of paperwork and hidden costs.

Simpl’s crew is spread across three countries. This ensures that its services have a worldwide reach. As a fintech startup, Simpl is always inventing and enhancing its platform to provide the best possible experience for clients, making it a fascinating business to follow in the worlds of finance and technology.

• One-tap checkout: Simpl brings the convenience of a khata online, allowing you to check out with just one tap and pay later.
• Connected to 26,000+ online stores: Simpl is connected to over 26,000 online stores, making it easy to use the app to make purchases across a wide range of merchants.
• Clear Simpl balance every 15 days: With Simpl, you can easily clear your balance every 15 days through the app, so you never have to worry about missing a payment.
• Effortless budgeting: Simpl makes it easy to keep track of your monthly expenses and budget effectively, so you can stay on top of your finances.
• Pay utility bills and recharge accounts: You can pay your utility bills (such as water, gas, and landline bills) and recharge your accounts with just one tap, all within the Simpl app.
• No credit score required: Simpl uses its own machine learning models to understand customers and set spending limits, so there’s no need for a credit score.
• Constantly updated spending limit: Your spending limit is initially set by default, but is continuously updated based on factors like your spending habits and the strength of your profile.
• Transparent fees and policies: Simpl has no hidden fees or stacks of paperwork, and everything from bills to refunds is transparent.
• Buyer protection: Simpl offers buyer protection to help you shop with confidence.

8. Paytm Postpaid

Paytm Postpaid is a popular Buy Now, Pay Later facility launched in 2019. It was launched by Paytm’s NBFC partners, Aditya Birla Finance Limited and Fullerton India Credit Company Limited. Initially, it offered three services, but now only two – Lite and Delite.

The line of credit can be used to make online/offline purchases on 1 crore+ websites and merchants. The onboarding process on the Paytm app takes just 2 minutes.

To be eligible, users must be at least 20 years old and have a valid PAN number. The validity of the service is initially for 2 years, but it will be automatically renewed. Paytm Postpaid is a convenient way to pay for purchases without the need for immediate payment, and it can help users manage their finances more efficiently.

• Instant Credit: Users can get an instant credit of up to Rs. 60,000 for up to 30 days interest-free period. This allows for greater flexibility in managing finances.
• Repayment Options: Users can repay their Postpaid spends at any time by visiting the Paytm Postpaid section of the app.  You can use  UPI, Debit Card, or Net Banking for repayment. This means that users can easily manage their expenses and repayments in a hassle-free manner.
• Convenience Fee: Paytm Postpaid charges a nominal convenience fee of 0% – 3%, if applicable. This fee is charged only for certain categories like paying for rent and is displayed at the time of transaction. However, there is no fee charged for using the credit facility for other transactions.
• Late Fee: Users should ensure timely repayment to avoid late fees. Depending on the due amount, the late fee can range from 0 to Rs. 750 plus GST.
• Advance Payment: Users can also pay their outstanding balance in advance at any time during the month, which gives them greater control over their finances.
• EMIs: Paytm Postpaid offers the option to convert dues into EMIs that cost an interest of 2%+ GST per month. This feature is particularly useful for those with a low CIBIL score, as it is not a prerequisite for using Paytm Postpaid.

9. Epay later

In 2015,  Aurko Bhattacharya, Akshat Saxena, and Uday Somayajula created EpayLater as a deferred payment solution. It offers a straightforward, clear, and consistent payment option for all types of purchases. Customers may enjoy a 7 or 14-day interest-free credit period, making it an appealing choice for small firms searching for a quick line of credit to plug a working capital deficit.

To protect the privacy of its users’ information, Epay Later upholds the highest standard of security. Everyone may use it as a simple payment option because it is accessible through all channels, both physical and digital. Epay Later gives straightforward, open, and cost-free credit, which is one of its main features.

You only need to join up and conduct transactions on any partner merchant site to complete the credit application procedure.

• Credit for up to 14 days: ePayLater offers a deferred payment solution with an interest-free credit period of up to 14 days. It allows users to make purchases without having to pay upfront.
• Easy signup process: Signing up for ePayLater is quick and easy. Once you have signed up, you can transact on any partner merchant portal without having to login to the website.
• Direct merchant integrations: ePayLater has direct integrations with merchants. This helps to facilitate quicker checkouts without having to maintain ledgers for returns/cancellations.
• Flexible credit limit: The credit limit starts at Rs. 25,000 and can go up to Rs. 25 lakhs, providing users with the flexibility to manage their cash flow as per their business needs.
• No processing fees: There are no processing fees charged for applying for ePayLater.
• Late payment fees: In case the balance is found to be insufficient when a   debit is attempted, there is a late fee/bounce charge of Rs. 500. GST is applicable on the late payment charges.
• Automatic debiting of dues: ePayLater dues are automatically debited from your linked bank savings account. Thus, you need to maintain a sufficient balance on the due date in the linked savings account. Additionally, you can pay your dues using NEFT or UPI payment mode from your savings account in case of any outstanding dues.

III. Conclusion

After exploring some of the top alternatives to LazyPay, it’s clear that there are several “buy now, pay later” options available to consumers in India. While each app has its own set of benefits and drawbacks, Simpl emerges as the top choice for those looking for a hassle-free experience.

One of the standout features of Simpl is its cashback and reward system. It sets it apart from other apps in this space. Additionally, the app automatically increases the credit limit of eligible users which makes it an attractive option for those with fluctuating financial needs.

Another big advantage of Simpl is its zero-interest and zero-processing fees policy. This means that users can make their purchases without worrying about any hidden costs.

While Simpl’s payment cycle of 15 days may be a drawback for some, it’s hard to find any other major flaws in this user-friendly and inexpensive app. All in all, Simpl is a great choice for anyone looking for a simple and transparent “buy now, pay later” option in India.