Simpl

 Simpl started in 2015

 Simpl is not just defined as online credit platform but more as a convenient payment app.

E.g.: Lazy pay one of the competitors of Simpl is more of a Credit product while Simpl on the
other hand is more like a convenient product.

 Positioning of Simpl- “Buy now, pay later” one line that is self-explanatory
 Simpl is one of among the Fintech Industries.

E.g.:Gpay, PayPal and many more Simpl is a fintech industry that involves technology wherever
money is handled

 Simpl has around 70 merchants such as Dunzo, Box8, Freshmenu, Zomato, Bigbasket,
Bookmyshow and many more.
 Simpl is a closed network. These kinds of network are not accessible by everyone and hence
certain criteria to be eligible to access.

 Payment Cycle
o In a month there a 2 dates of Bill generation
 First Date - 15th of the month
 Second Date – 30th or 31st of the month

(The cycle is fixed for every customer. E.g.: If a customer joins sign up on 1st day of
the month or on 14th, the system will generate bill on 15th and 30th or 31st only)

In any case if customer fails to submit the first payment on 15th then an additional 5
days are provided to complete the payment I.e. till 20th . This extension period is
called as a Grace period.

 Fine date – 20th of the month

o Certain Credit amount is given to every user, now these credit amounts is also given
twice a month.

First credit amount given from: 1st to 15th of the month.

Second credit amount given from: 16th to last of the month.

Situations or Conditions

Suppose a user doesn’t exhaust all his/her credit amount then too no extra charges are
applicable on him/her.
 If user doesn’t complete the payment till Fine date, then too they can avail there second
credit amount that has been generated from 16th but, then too if he/she fails to submit the
due payment his/her account gets blocked on 25th of the month.

 Account block date- 25th of the month (for user who have incomplete payment)

Now this payment option is not shown to everyone as it is one among a closed network.

How do Simpl get its user?

Simpl is a merchant first product I.e. it prefers those customers on whom the merchants trust, and
merchant trust them who do impulsive shopping.

Simpl get its user acquired by the various merchants.

How is Simpl beneficial for merchants?

 It builds the customer and shopkeeper’s relation

 It helps in business growth
 Also help in retaining its customers.
 Among 100 payments done online 5 transaction failure occur and taking it to larger
payment no. The no. Of transaction failure also increases so to tackle this big problem
Simpl is there.

How is Simpl beneficial for the user?

 Customer doesn’t require to carry a wallet always.

 One tap payment option.
 Increase in credit amount as per the need of a customer.
 Solve every day a small problem.
 No documentation.
 No KYC.

How does Simpl communicate with its users?

SMS OR Email.

How do Simpl make the money?

Nothing is charged from the customer side for earning but a certain commission is taken on giving
customers via Simpl platform.

How do Simpl accepts payments?

 Card
 Net banking
 UPI

How is a credit limit set for different users?

Minimum credit amount: 750 rupees while the maximum limit is not set.
This is purely done on users purchasing behavior, the more they buy and exhaust their credit limit the
higher their credit limit goes.

For e.g.: Suppose in Zomato there are a total 100 user among which there are few categories

A. 30 customers are a frequent customer – buy every 3rd day = 10 time a month
B. 30 customers are average customers – buy every 5th day = 6 time a month.
C. This category rarely comes – buy once a week or twice a month

Now Simpl will mainly focus on ‘A’ category customers.

Now among these 30 also only 25 will get to use Simpl based on multiple data point.

These data point is such as:

 Check the mobile number

o Whether a multiple account operated with the same number.
o Whether the same number used on multiple device.

And many such points are considered while selecting the user.

Now among these selected users it rarely happens that user doesn’t complete all his/her payments.

Fine policy of Simpl

Bill amount is

1. Less than 100 Rupee = 10 rupees fine

2. Between 100-250 = 25 rupee fine
3. Between 250-500 = 50 rupee fine
4. Above 500 rupee = 100 rupees fine

What if user doesn’t pay the due amount?

Simpl is secured payment platform where if any user fails to pay all his/her due amount then simpl may
firstly block their account and secondly may report the incident to CIBIL. This will generate a demand
notice of the due amount and in future may not let the user get loan due to his/her bad credit score.

What is CIBIL?

Credit information bureau limited is the only credit information maintenance company in India that
handles the data of around 600 million individuals and 32 billion business. Its aggregate consumer
buying and payment information for the purpose of accessing loan.

For a score with a range between 300-850, a credit score of 700 or above is generally considered good.

What is Lazypay?

A virtual credit provider platform/ product. It's like Simpl but also has option of taking loan up to rupees
1 lakh and also to access EMI options.

But due to the lending of such a big amount it has various documentation process
  Photo upload
 Kyc
 Aadhar card
 Pan card
 Sign

Thus, is not as that hassle free as Simpl also it charges 10 rupees after every 18th day I.e. the grace
period here is of only 3 days, while that in simpl is of 5 days.

What is Slice pay?

It's simply a better than a credit card having certain benefits

 Zero fee card

 Use anywhere pay later
 No cost emi

Now their main focus is only over student's financial need.

What is epay later?

Its Simpl + documentation as they allow a credit limit up to 20000.

What is UPI?

Unified payment interface that is meant for instant transferring funds between 2 banks.

This takes place through-

 VPA (Virtual payment address)

 Mobile number
 Account no.
 QR code