Simpl, a Bengaluru-based fintech, is vying to change India’s approach to credit.
India had around 52 million credit card users in 2019, according to BankBazaar Moneymood’s 2020 report.
The start-up offers shoppers a digital credit line, acquiring users at point of sale (PoS). It works with mobile-focused commerce stores across India.
Simpl acts like a ‘buy now, pay later’ checkout option, without incurring interest for the consumer. Everything the shopper buys gets added to a bill which is paid off every 15 days.
Cash on delivery (CoD) – where a consumer buys a product online and pays for it upon delivery – is still a popular shopping method in India. A Nielson report last year found roughly 83% of shoppers in India still favoured CoD for online commerce purchases.
The main reason why customers use CoD is that the vendor’s behaviour and customer experience affects adversely if we make payment in advance.
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Fintech start-up Simpl targets India's low credit card adoption - FinTech Futures
Simpl, a Bengaluru-based fintech, is vying to change India's approach to credit. Currently, just 3.85% of Indian consumers have credit cards.
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