Hey guys, do you hold a Lazypay prepaid card?
May Lazypay users are asking me ” My Lazypay card blocked automatically, what’s the next? ” If you are one of them and wondering why your Lazypay card was blocked, this blog post is for you.
To fall under RBI’s new norms many BNPL( But Now Pay Later) service providers started providing a full fledge credit card.
I think you heard about Lazypay card-blocking update. Lazypay is blocking many users’ card and will block all cards on or before 30 November 2022.
Earlier Lazypay was working on the PPI model. But after RBI’s new guidelines BNPL service providers like Lazypay, PostPe & Uni cards etc have to change their business model. They were creating a loan account on the customer’s behalf and loading the amount to the customer’s card.
Also Read: SBI Cashback Credit Card Review
Actually, they were providing prepaid cards. Uni cards, Lazypay and PostPe cards are not credit cards. These prepaid cards are linked with the loan account.
What Will Happen to LazyPay Card After 30 November
RBI’s deadline to follow the new norm is 30 November 2022. These BNPL service providers will either stop their business or change their business model. Uni card already launched a full fledge co-branded credit card in partnership with SBM bank. PostPe also has changed its business model. Now PostPe users have to load their prepaid cards manually. Then the same amount will be credited to the customer’s bank account.
What happens to my LazyPay card after 30 November 2022? Your existing LazyPay card will be blocked and stop working after 30 November 2022. You can not use your existing Lazypay card after 30 November 2022.
Also read: LazyPay RBL bank Credit Card Review
Lazypay has already launched a full fledge co-branded credit card in partnership with RBL bank. Lazypay RBL bank credit card will be a lifetime free credit card. And you can earn 1% cashback on online & offline spending with a Lazypay RBL bank credit card.
The apply link for the RBL bank LazyPay credit card will be visible after 1 December 2022. Now you can check LazyPay RBL bank credit card details on RBL bank’s website.
Should you block your Lazypay account?
No, you should not close your Lazypay account. Existing Lazypay users will be in priority to get RBL bank Lazypay credit card, So don’t close your Lazypay account. But your Lazypay card blocked on or before 30 November 2022.
My Lazypay card blocked automatically, what to do?
No worry, Lazypay will block all cards on or before 30 November 2022 to follow RBI norms. Lazypay has launched a co-branded credit card in partnership with RBL bank.
Thank you guys for reading this blog post completely. In this article, I have tried my best to share news about the Lazypay card block. I hope this was helpful to you. Kindly share it with others on your social media.
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