In the last two years, we have seen an exponential rise in Buy Now Pay Later (BNPL) services in India. Among the most popular service providers, we have Simpl which offers instant activation and one-tap purchase option in major apps such as Zomato, Blinkit, Dunzo and more. Due to its easy availability, a major question arises among its users – Is Simpl RBI Approved?
Before we get to the answer to this burning question, let’s have a look at some of the fundamental aspects of activating and using this BNPL service. Simpl allows you to open an account just by signing up with your phone number. It does not ask for even Aadhaar and Pan Card numbers in most cases. We have also seen earlier what happens if we don’t pay Simpl bill and its effect on the CIBIL score.
Is Simpl RBI Approved?
No, Simpl is not RBI approved and it is not regulated by the Reserve Bank of India. Simpl has not even partnered with a bank or Non-Banking Financial Company (NBFC). Apart from that, we also know that Simpl does not report our transactions to credit bureaus such as CIBIL and Experian.
Is Simpl Safe?
There is a lot of debate surrounding the safety of using Simpl Pay service. Some people swear by them, while others believe they are somewhat risky. The fact is, there is no one right answer to this question. We have personally used the service for the last 5 years and have not faced a single issue till date. However, the point to be noted is that we have always paid our bills on time.
On the other hand, we have read a few social media posts where Simpl users claimed that Simpl has taken contacts from their phone and shared it with the recovery agents for not paying bills after the due date.
Conclusion
Simpl is the easiest Buy Now Pay Later service, thanks to its one-tap purchase option. However, we have answered the question – Is Simpl RBI Approved? It is not yet RBI regulated. The best way to use the Simpl app is to spend in limits and pay bills on time. This way, you won’t face any problems with Simpl or any other BNPL service.
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