Fintech company Simpl has partnered with athleisure & performance wear brand Zymrat to provide a pay-in-3 feature for Zymrat customers. They will now be able to effortlessly divide their current payments into three tranches, and there will be no additional fees.
Simpl’s Pay-in-3 has a number of value-added features. According to the company, the three main pillars on which the split payment function is based include smart budgeting, transparency, and simplicity.
Additionally, there will not be any time-consuming paperwork, lengthy forms that need to be filled out, additional verification information requirements, or hidden fees.
Expressing his views on the new partnership, Simpl Co founder and CEO, Nitya Sharma said, “We are delighted that Zymrat has joined our 20k+ and growing merchant partner network. Simpl users now have access to yet another formidable D2C brand. Pay-in-3 allows D2C brands to provide greater convenience and ease of payments to their customers, thus providing the best consumer experience.”
“At Simpl, our endeavour is to constantly improve the consumer experience. We believe this option will help strengthen the trust factor between merchants and their end customers, enabled by intelligent machine learning decisions at the backend.” Nitya added.
“We are excited to partner with Simpl as our checkout plus conversion partner. This partnership will allow #TheZymratTribe to experience a safe, transparent and seamless purchase experience with Simpl. We are counting on this partnership to be long and fruitful,” stated Ujjawal Asthana, Co founder, Zymrat.
Simpl claims, that the distributed payments facility can be availed in an instant by customers, as recommended by their respective D2C merchants. Immediate benefits to buyers include an interest-free credit period on their D2C purchases, with a well-balanced repayment option. According to the company, D2C retailers that offer Pay-in-3 can gain from improved relationships with their trusted customers and strengthen loyalty.
However, the new service is not the first to offer this function; other digital payment platforms, such as Slice and Uni cards have been doing so for some time.
Recently, the buy-now-pay-later (BNPL) market has been quietly expanding in the fintech space as digital lenders increasingly target consumers who lack access to credit cards or feel reluctant to use plastic money for a variety of reasons.
In recent times, legacy banks including ICICI Bank and Axis Bank as well as non-fintech businesses such as Amazon, Flipkart, and BYJU’S have entered the market, perceiving the chance to serve a larger audience.
Although credit and debit cards are the most widely used payment forms worldwide, people’s interest in alternative digital payment systems has increased in the post-Covid age, and India is no exception. Top BNPL players in the country include Simpl and ZestMoney, based in Bengaluru, Pine Labs, based in Delhi-NCR, and LazyPay, based in Mumbai.
According to reports, gross transactions in the BNPL space shot up to $1.5-2 Bn in 18 months from a few million in 2019. Additionally, market forecasts show that India’s BNPL sector is expected to reach $100 Bn by the end of 2023.
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