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How Simpl’s BNPL Strategy Is Enabling Higher Conversions For Merchant Partners

SUMMARY

The buy-now-pay-later segment has been witnessing an accelerated growth as new players like Amazon, Flipkart and BYJU’S enter the space

Simpl, a BNPL platform, is innovating the model to act as a conversion tool for its merchant partners

The fintech startup has more than 25 Mn approved users and 5,500+ merchant partners

For some years now, the buy-now-pay-later (BNPL) segment in the fintech domain has been growing steadily as digital lenders increasingly tap into people who do not have access to credit cards or feel reluctant to use plastic money for multiple reasons. Lately, non-fintech players like Amazon, Flipkart and BYJU’s, and legacy banks like ICICI Bank and Axis Bank have also entered the space, sensing the opportunity to cater to a wider audience. “Simpl’s offering enables the introduction of trust between the retailer and consumer by introducing a ‘khata’ like settlement of transactions post-purchase. In addition, Simpl delivers a transaction success rate of 99%+ to online retailers as opposed to the industry average where payment failures are around 20-30%”, says Nitya Sharma, CEO and cofounder, Simpl. “Through our partnerships with merchants across a few verticals like food delivery, we have seen the average order volume increase by 20-40% and the frequency by 1.5-2x. Payment failures also came down by 10-30% after using Simpl,” says Sharma. “Simpl is very excited at the prospect of creating a new-age full-stack financial network that enables us to empower our merchant partners in building trusted relationships with their consumers,” says Sharma.

Although credit and debit cards are the most widely used payment forms worldwide, people’s interest in alternative digital payment systems has accelerated in a post-Covid world, and India is no exception. Among the top BNPL players in the country are Bengaluru-based Simpl and ZestMoney, Delhi-NCR-based Pine Labs and Mumbai-based LazyPay. 

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