With continuous evolution of the digital era, people are pushed to explore the digital mode of transactions, even for purchasing most basic and common commodities. E-transaction provides smarter options for buying goods along with changes, from the traditional way of payment of on-hand transactions to smart payment choices. One of the unique modes of payment observed these days happen through Lay-buy.

Lay-buy is an online platform, where customers pay instalments on the selected products and retain their goods after complete payment. According to the market research company Roy Morgan, in 2012, over ten percent customers have bought something through lay-bay and are doubled, while lay-buy announced an interest-free deal within the same period. Lay-bay offers its services to a range of clients, from large departmental stores to small retailers with products kept hold for a period of eight to ten weeks. But, when the period exceeds, the cancellation fees of around 20 percent will be debited from the customer account.

In recent years, most of the Lay-buy business is extended towards Kiwi shoppers through even more upgraded technology and innovative online payment model to cover in-store purchases. Lay-buy has deployed the first in-store retail platform in New Zealand.  With its swift growth and offering cutting-edge technological solutions to its customers, especially kiwi shoppers with interest-free and smarter shopping experience, it serves over 460 stores and 46,000 consumers signing to its service. The issues in traditional Lay-by system such as retailer storing the product as well as monitoring the payment of the consumer until the product is paid off is identified through Lay-buy’s in-store retail platform, that is user-friendly for the consumer to sign up and make weekly payments.

Gary Rohloff, founder and MD of Lay-buy stated that through Lay-buy in-store platform, one-sixth of the initial payment would be paid by the consumer when the product is selected, and remaining amount will be paid off in five instalments with interest-free. Furthermore, he stated that over 1.4 million viewers visit the site every month and the risk that arises due to credit and fraud risks during transactions is solved within 48 hours of purchase.

Having received compliments from consumers as well as retailers such as Franklin D. Roosevelt with his 46 percent of the basket size are taken care by Lay-buy. It is being known as the largest Omni channel market with its concept of “buy now pay later” platform.