The volume of digital payments in India grew by 33% during the financial year 2021-2022. These payments are assisted by advanced technology and are, therefore, quick, simple and convenient. When these payments are assisted by credit products, they boost the purchasing power of people. Digital lenders like LazyPay have made these payment facilities widely accessible to all kinds of Indian residents in all major tier-I and tier-II cities. On the other hand, consumers too are increasingly being drawn to digital payments. Here are the factors that are boosting their growth in India.

Growing Awareness

The smartphone penetration rate in India is projected to increase from 54% in 2020 to 96% in 2040. As more and more people across India, including people in rural areas, use smartphones, they get increasingly exposed to digital payment modes. Gen-Zs and millennials are already comfortable with using them as they grew up with technology. 

Merchants are linking themselves to new-age online payment gateways to allow more and more consumers to access and shop for their products easily. Thus, as digital payment modes are forming the bridge between multiple consumers and merchants, they’re undergoing exponential growth. For instance, virtual cards like LazyCard by LazyPay are receiving 99.5% acceptance all over India. Besides the apps of digital lenders like LazyPay can be downloaded on both Android and iOS devices. 

Rising Internet Penetration

The number of internet users in India is expected to rise from 749 million in 2020 to 1.5 billion by 2040. Internet coverage has even penetrated rural areas today. This is another essential factor to boost access to digital payment modes. 

On the other hand, internet connectivity has improved significantly in recent years. Poor 2G and 3G internet connectivity are giving way to faster 4G, 5G and 6G cellular technology. On top of that, a dramatic fall in internet prices is making the internet accessible to multitudes. It’s also helping small and mid-sized businesses afford the cost of operating digital payments. 

Instant Payments Anytime, Anywhere

The best part of digital payments is that they can be carried out instantly anytime anywhere and even on the move. However, especially when people are travelling, it often becomes a hassle to follow the OTP and remember the PIN. 

Thankfully, new-age digital payments have removed these hassles to speed up the process further. For instance, LazyPay’s Buy Now Pay Later facility allows people to shop at 250+ partner merchants in a flash by skipping PINs and OTPs. The borrowed money is credited within just 90 seconds. You can also use their digital card offering LazyCard to make your payments anywhere, and anytime.  

Convenience of Use

Digital payments backed by credit have made this payment mode more user-friendly. One major benefit is access to more funds. For example, LazyCard by LazyPay offers a credit limit of up to ₹5,00,000. 

One more benefit is minimal documentation with quick, paperless KYC, submitted. LazyCard by LazyPay offers the additional convenience of being used both in the virtual and physical worlds, meaning at both online and offline stores. 


The transparency of advanced digital payments is another reason for its increasing appeal to consumers. Even when these payment facilities are supported by credit, the charges and rewards are all transparent. For example, LazyPay’s LazyCard facility has no hidden charges or is interest-free. It doesn’t even charge an annual fee and mentions that clearly. All the instant cashback offers are also transparent. 

Security of Payments

Today’s digital payment facilities go a step higher to ensure the safety and security of transactions via these modes. For instance, LazyCard by LazyPay makes sure that the user’s money is always safe with it. Therefore, the facility is offered in partnership with Visa and SBM, in compliance with all RBI guidelines. Even facilities like LazyPay’s Pay Later maintains the highest level of security so that the user’s information is kept safe. 

A Highly Rewarding Experience

Digital payments aided by credit stand out by offering a great rewarding experience. This is mainly facilitated through cashback offered by top digital lenders. For instance, LazyCard by LazyPay starts offering cashback right after you sign up. You can also enjoy multiple rewards with every referral. Besides, you can receive cashback on all your transactions. This includes ₹500 cashback on your first transaction. You can also get up to 5% cashback on each card-based purchase. Even LazyPay’s Shop Now Pay Later UPI offers cashback on purchases. 

Consumers no more have to sacrifice their shopping needs due to a lack of cash. Thanks to digital payments favoured by credit products. To know more, check out the social handles of LazyPay like their YouTube channel. 

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