End of the month is the most critical time for salaried professionals who would be left with little cash in their accounts. Especially those persons who like to spend and treat themselves may have to think a lot before they spend, even for something as small as a cup of their favourite coffee.
If you totally relate to this feeling and have experienced such situations before, then read on to know how you could still shop, eat and drink, without thinking of paying immediately.
A new platform titled Simpl has partnered with leading brands to help people shop and use services without the stress of paying immediately. "Simpl has created a network of merchants that accept Simpl as a mode of payment," says Nityanand Sharma, CEO and co-founder, Simpl. The platform has created an in-built ‘khaata’ (a ledger in the cloud) system between the merchant and customer. The platform then receives distinct data from merchants. "The data is used to make real-time credit decisions, which in turn allows users to transact with that merchant," he says.
This essentially means you don't have to pay everytime you buy or use any service. Your total expenditure will be acumulated and you need to clear the bill that's generated by Simpl, every fortnight. "We are striving to make payments easier for users by eliminating the hassle of payment failures and multiple bill payments. By generating a 15-day billing cycle, Simpl is trying to reduce the friction that breaks the flow of transactions, thus enabling seamless payments in one tap," offers Sharma.
The app has partnered with over 200 merchants through other apps such as Zomato, Dunzo, Bigbasket, and MakeMyTrip. The newest brand to come onboard Simpl is Third Wave Coffee Roasters. With Simpl, users needn't have to pay for their coffee immediately. They can pay the total bill after a 30-day cycle and this experience is availabe at 11 locations in Bangalore, Hyderabad, and Pune.