LazyPay, the lending arm of PayU India, has updated its terms and conditions to comply with a recent directive by the Reserve Bank of India (RBI) that barred prepaid payment instruments (PPIs) from being loaded with credit lines.
The buy-now-pay-later (BNPL) service asked customers in a message on Thursday to accept the terms, failing which all transactions would be blocked across LazyPay products.
To comply with the latest regulations, we need to block your transactions on all LazyPay products from today. To continue using LazyPay, please accept the updated T&Cs now, the company said in a communication to customers, according to a a media report.
On June 20, the central bank disallowed non-bank wallets and pre-paid cards from loading their credit lines onto these platforms.