How to Transfer Money From Lazypay to Bank Account

To transfer money from Lazypay to your bank account, you can follow these general steps:

1. Open the Lazypay App:
   • Ensure that you have the latest version of the Lazypay app installed on your device.
2. Log In:
   • Log in to your Lazypay account using your credentials.
3. Navigate to Wallet or Balance:
   • Look for the section in the app that displays your Lazypay wallet balance or virtual credit.
4. Withdraw or Transfer Funds:
   • There should be an option to withdraw or transfer funds to your linked bank account. This option may be labeled differently, such as “Withdraw,” “Transfer to Bank,” or a similar term.
5. Enter Bank Details:
   • You may be prompted to enter the details of the bank account where you want to transfer the money. This typically includes the account number, IFSC code, and other necessary information.
6. Verify and Confirm:
   • Review the transaction details to ensure accuracy, and then confirm the transfer.
7. OTP or Authentication:
   • Depending on Lazypay’s security measures, you may need to enter an OTP (One-Time Password) or authenticate the transaction through another method.
8. Transaction Complete:
   • Once the transaction is complete, you should receive a confirmation message. The transferred amount should reflect in your bank account within a specified period.

LazyPay overview

LazyPay is a fintech service in India offering personal loans and a pay-later option accepted across various platforms. As of H1 FY24, PayU India, the parent company of LazyPay, reported a rise in payments income to $211 million [1]. However, it’s important to note that LazyPay’s prepaid payment instrument, LazyCard, was shut down by PayU India on November 29, 2023, as confirmed by its parent company Prosus.

Unfortunately, recurring transactions or subscriptions set up on LazyCard were affected, as all transactions were required to be blocked following the closure of the service.

For more insights into the latest trends, market growth, and consumer behavior related to Buy Now Pay Later (BNPL) services in India, you can refer to LazyPay’s BNPL 2023 report [5].