Founded in 2015 by Nityanand Sharma and Chaitra Chidanand Mumbai-based Simpl Pay partners online merchants to offer their customers the option to pay for all their purchases over a billing period in a single transaction (i.e. defer their purchase related payments) while making their payment experience faster and convenient in comon to cards and wallets.
They are a layer like your Credit Card but eliminate the Risk of Credit Card Frauds that may happen over the Internet Transactions.
The initial spending limit is set by default, and can be extended based on the spending behaviour and repayment pattern of the individual customer. Billing periods typically work over a 15-day cycle with an additional 5 days of grace period to settle the bills. Simpl claims to have transaction failure rates of less than 1% compared to 20-30% for other payment methods.
As of Oct’19, the company claimed to be processing more than 2 million transactions per month. Some of the platforms that the company offers its payment options include Bigbasket, Zomato, Dunzo, Fassos, Freshmenu and Rapido, among others.
