Simpl Wallet is a new service introduced to the Indian market in recent years. As the concept of “buy now, pay later” has become popular in the retail industry, more and more consumers are choosing to use this payment method to purchase goods than ever before.
What Is Simpl Wallet?
Simpl Wallet allows customers to buy products online and pay later. The Simpl postpay service is designed for people who want to buy something right away without paying an upfront fee. The user can pay the amount after the bill is generated.
The new service has been popular with many consumers as it offers a way for those who want to buy something online but don’t want to worry about paying right away.
How Simpl Wallet Works
Simpl Wallet is an innovative product that simplifies online shopping by enabling one-click purchases and pay-as-you-go – like we said before, it’s an anti-wallet.
The way it works is very simple. You visit a Simpl-enabled website or app, such as BookMyShow or Faasos, and shop as normal.
When paying, just select Simpl as your payment option, if your mobile number is not already stored in the app you are using, you will be asked to enter your mobile number and then enter the OTP sent to your number to confirm the payment, That’s it – you’re done.
Your bills have been charged and you need to pay them on the 1st and 16th of each month. This saves you the trouble of entering your bank details at each merchant, and since nothing comes out of your pocket at the time of purchase, you don’t have to worry about getting a refund in the event of a cancellation.
What Are the Uses of Simpl Wallet
When users buy goods, by using simpl wallet, you can buy anything on the Internet with one click, and the bill will be paid later. When you make any purchases from supported vendors, you simply select Simpl as your payment method to complete the purchase – you don’t need to enter card details or wait for an OTP.
When merchants use simpl wallet, you can provide customers with one-click checkout service, while enjoying 0% transaction failure rate, up to 20% shopping basket increase and up to 2 times the purchase frequency.
Is Simpl Wallet Safe?
Due to its easy availability, Simpl Wallet has just over 7 million users and has grown its merchant base 10x in the past 12 months to 10,000 online retailers. Many users are very concerned about the security of the Simpl Wallet.
In fact, Simpl is currently not approved by the RBI and is not regulated by the RBI. Simpl doesn’t even work with banks or non-banking financial companies (NBFCs). In addition to this, Simpl does not report our transactions to credit bureaus such as CIBIL and Experian. Therefore, you need to fully consider before using it.
Where to Download and How to Use Simpl Wallet?
The Simpl is available for download on the official website. Your phone number serves as the main identifier for Simpl. Therefore, be careful to use the same phone number that is associated with your Simpl account to log in.
Steps for Usage
- Download the app
Sign up for an immediate account approval by downloading Simpl. - Shop online with 15,000+ merchants
Connect Simpl to your preferred utility providers and online retailers. - One-click checkout
When making an online purchase, select Simpl. Your Simpl account will receive your transaction. - Clear your simple balance
Every fifteen days, use the Simpl app to clear your Simpl balance. Keep track of your monthly expenses for simple budgeting.
Conclusion
Over the past two years, we have seen exponential growth in Buy Now Pay Later (BNPL) services, repesented by Simpl Wallet in India. Among the most popular service providers, Simpl Wallet offers instant activation and one-click purchase options in major apps. The best way to use the Simpl Wallet app is to limit your spending and pay your bills on time. This way, you won’t have any problems using Simpl or any other BNPL service.
