LazyPay and Simpl are India’s oldest and most popular Buy Now Pay Later (BNPL) services. Both have competed fiercely over the years to achieve the No.1 spot. However, both of the services come with their set of advantages and disadvantages. Let us see who comes out as the winner of the LazyPay vs Simpl battle.
Lazypay vs Simpl
Credit Limit
| LazyPay | Simpl |
| LazyPay offers a maximum credit limit of ₹ 1,00,000 | Simpl offers a maximum credit limit of ₹ 25,000 |
Billing Cycle and Grace Period
| LazyPay | Simpl |
| LazyPay has a 15-day billing cycle for its non-Full KYC customers and a one-month cycle for its Full KYC customers. LazyPay offers three days grace period to pay its bill from the day it is generated. | Simpl has a 15-day cycle for all its customers. Simpl offers five days grace period to pay its bill from the day it is generated. |
RBI Approval and Regulations
| LazyPay | Simpl |
| LazyPay is approved and regulated by RBI. To learn more, read our article on LazyPay RBI approval and its safety. | Simpl is NOT approved and regulated by RBI. To learn more, read our article on Simpl RBI approval and its safety. |
Digital Card and Physical Card
| LazyPay | Simpl |
| LazyPay offers digital and physical cards to its users. We can use the card to shop almost everywhere on online and offline shops. However, this is not a credit or debit card. LazyPay card cannot be used to withdraw cash from ATMs or make purchases in international online and offline shops. | Simpl does not offer any digital or physical card to utilize its credit limit. It means that we can use this credit limit at Simpl partnered merchants only. |
Credit Limit to Bank Transfer
| LazyPay | Simpl |
| LazyPay does not offer any direct or indirect way to transfer its credit limit to the bank account. We will definitely let you know if LazyPay launches this feature in the future. Do subscribe to our newsletter for the latest updates of your favourite Pay Later BNPL apps. | We have already published an article on Fintech Infinity on Simpl Pay Later To Bank Account transfer process. The best part is there are no charges for transferring the credit limit to your bank account. |
Merchants Availability
| LazyPay | Simpl |
| LazyPay can be used almost anywhere in India through its digital card, physical card and Scan & Pay options. | Simpl claims to have partnered with 10,000+ merchants. |
Food and Grocery Apps
| LazyPay | Simpl |
| LazyPay is available on popular food and grocery apps such as Zomato, Swiggy and Dunzo | Simpl is available on Zomato and Dunzo however, it is still not available on Swiggy, which is a major player in the food delivery segment |
EMI Facility
| LazyPay | Simpl |
| LazyPay does not offer EMI facility on its credit line. However, it does offer a Personal Loan with an EMI facility. A few years back, LazyPay used to provide an EMI facility for products purchased on Flipkart, but it was stopped a few months after its launch. | SImpl does not provide EMI directly for all the merchants, but it has introduced a Pay in 3 facility for select merchants, where customers can pay the amount in 3 billing cycles. |
Cashbacks and Merchant Offers
| LazyPay | Simpl |
| At the time of publishing this article, LazyPay has just a few offers on Razorpay, Meesho and EatClub. However, LazyPay does bring offers on BookMyShow, Swiggy, Zomato and other popular services from time to time. | Simpl is currently running offers for Zomato, BigBasket, JioMart, Dunzo, BlinkIt, MakeMyTrip, NetMeds, Tata 1MG, Healthkart, Apollo 24/7, Nykaa, ZoomCar, Licious, EatClub, DotPe, Meesho, Magicpin and much more. |
Scan and Pay
| LazyPay | Simpl |
| LazyPay has the scan and pay option, where users can use their credit limit to scan any payment QR code and pay to their friends or any merchants. However, only a few customers are eligible to use this Scan and Pay option. | Simpl does not offer any Scan and Pay option on its app. Your Simpl credit limit cannot be used to pay local merchants through their QR codes. |
Free CIBIL Score
| LazyPay | Simpl |
| LazyPay has the Credit Sheild option where users can find their latest CIBIL score without spending money. The LazyPay credit shield option on the app also displays your CIBIL Score Trend and your Accounts Summary. LazyPay will also notify you once you are below the average level. | Simpl does not provide any option to check your CIBIL Score or Experian Score. |
Conclusion:
The winner of the LazyPay vs Simpl battle is none other than “LazyPay” – the leader in the BNPL segment. The most important aspect of Lazypay is its digital and physical card, which allows you to use the credit limit almost anywhere at any online and offline shop in India. LazyPay also offers four times more credit limit compared to Simpl. On the other hand, Simpl does have more cashback and merchant offers compared to Lazypay.
