All About Simpl (1/3) The Simpl Story


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Why we built Simpl?

After spending 10 years in the US working on Wall Street when Nitya Sharma moved back to India, his bank rejected his credit card application – this for the simple reason that he did not have a credit card. When Nitya looked around he realized that most people in India did not have or use a credit card. Even to this day, only 29M consumers have a credit card compared to 500M consumers with a smartphone and 850M consumers with a bank a/c & debit card.

During the same time, his local merchants began offering him credit that the banks would not – this was in the form of Khata/Tab/HouseAccount that is so common in the daily lives of most consumers in India.

That was the Aha! moment where Nitya asked, “What if we use today’s technology; mobile + internet, unlimited computing power on the cloud and artificial intelligence to reimagine a Khata for the internet and put it on a mobile phone?” 

 

Hence, Simpl was started with the plan to rebuild a credit card from the ground up, using the best of modern technology to benefit consumers and merchants, putting their relationships at the forefront of the commerce experience.

Our Mission:

Our mission at Simpl is to build a platform that empowers any merchant, large and small, to build a trusted relationship with their consumer one transaction at a time via 1-click checkout, POS credit and targeted loyalty rewards, all packed into a  cohesive consumer experience at checkout. We believe that the best payment experience is NO  EXPERIENCE  and the only experience that matters is that of buying and enjoying the purchase.

What makes the Simpl experience superior to other payment modes

For Simpl, the superior user experience addresses the deficiencies in India’s payments stack through our deep integration with merchants, which is as important as the pay-later feature. We don’t view Simpl as an affordability or credit product but rather as a convenience and trust-building feature that merchants offer to their best customers. This builds loyalty and trust along the way, just like a tab or house-account in offline commerce in India, functioning as a powerful tool for building a relationship between the buyer and the seller. 

 

Simpl is a B2B2C platform that acquires users directly from its merchant network at the point of sale, which is why it is extremely efficient in its Customer Acquisition Cost (CAC). The ‘Pay with Simpl’ button becomes visible to those consumers who are pre-approved for credit on the network. The platform functions as a powerful tool for building a reliable relationship between merchants and consumers through seamless registration without the need for KYC, offering one-tap checkout for multiple purchases, instant refunds, zero interest, 99% successful transaction rate, a digital vault, and 24*7 customer support.

With Simpl, our merchants are able to achieve:

(i) Reduced Cart Abandonment

(ii) Increased Basket Size and Frequency

(iii) Loyalty & Retention

Where other products address a particular use case, we believe that at scale, due to habit formation and trust, Simpl can offer consumers:

(i) Convenience and safety at checkout, 

(ii) Affordability when required, and 

(iii) Loyalty rewards that they deserve. 

With its proven ability to shape consumer habits at scale, Simpl seeks to own each of these segments – meeting the demands for a range of payment and financing options that consumers and merchants want in their daily lives, through the deep horizontal integration we have.

Why is this solution innovative?

For Simpl, the superior user experience addresses the deficiencies in India’s payments stack through our deep integration with merchants, which is as important as the pay-later feature. We don’t view Simpl as an affordability or credit product but rather as a convenience and trust-building feature that merchants offer to their best customers. This builds loyalty and trust along the way, just like a tab or house-account in offline commerce in India, functioning as a powerful tool for building a relationship between the buyer and the seller.

Simpl is a B2B2C platform that acquires users directly from its merchant network at the point of sale, which is why it is extremely efficient in its Customer Acquisition Cost (CAC). The ‘Pay with Simpl’ button becomes visible to those consumers who are pre-approved for credit on the network. The platform functions as a powerful tool for building a reliable relationship between merchants and consumers through seamless registration without the need for KYC, offering one-tap checkout for multiple purchases, instant refunds, zero interest, 99% successful transaction rate, a digital vault, and 24*7 customer support.

With Simpl, our merchants are able to achieve:

– Reduced Cart Abandonment

– Increased Basket Size and Frequency

– Loyalty & Retention

Since the time of inception, Simpl has scaled significantly; first touching the milestone of 500+ merchants to now closing in at 2500 merchants. We have established some major partnerships in this time as well; one, in particular, is our distribution partnership with Razorpay. This has allowed us to onboard 1500 new merchants in just the last 3 months.


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