Simpl: The One-Stop Gateway For All Payments
After spending several years at Wall Street institutions such as Goldman Sachs and Bear Stearns, Nitya's interest turned towards simplifying complex products and making them available to regular people. He wanted to make sure that such simplified products have an immediate impact on the masses and provide a great deal of utility. This vision led him to start Simpl. Simpl's mission is to make money simple so that people can live well and do amazing things.
“Even in the time of COVID, when everything is digital - be it commerce, communication, or payments, one thing that has happened to all of us is that the future has been pulled forward at least five years. What was supposed to happen in the next four years, has happened in the last 4-5 months, which is great for Simpl.
Offering Easy And Simple Methods Of Payment
Simpl has worked with merchants like Zomato, BigBasket, Dunzo, etc., to completely rethink the authentication and payment experience. This has resulted in users enjoying a buying experience that is fast and friction-free. Simpl's primary product is a payment option that lets users skip paying repeatedly. Instead, they get one bill for all their orders across merchants.
Additionally, the company has built IP (Intellectual Property) related to high-quality data science technology that helps to overcome one of the biggest challenges of all time - fraud in online payment. Simpl's smooth interface is another distinct feature. “We strongly believe that design and communication play a very important role in building trust with customers. To construct this trust, we have designed our platform by using great engineering and data science”, added Nitya.
Furthermore, Simpl offers a Pay Later option where a customer can pay after the delivery is complete. This eliminates the need to store card or bank information making this platform safer than others. The company provides two cycles in its Pay Later option: the client can pay immediately after receiving the product, or after a period of 15 days.
When a customer uses Simpl on a merchant platform, the transactional success rate in comparison to traditional modes of payment is 99.5 per cent higher.
Simpl has recently launched a bill payment platform called Billbox where customers can set a monthly date for their recurring bill payments such as phone bills, gas bills, and DTH payments. The company has also partnered with Razorpay and is expected to go live with more than 10,000 new merchants. This partnership will increase Simpl's merchant and consumer base even further.