Over the past few years, buy now, pay later (BNPL) services have grown in popularity, helping consumers manage their finances and buy products they normally might not have been able to afford. Simple and LazyPay are BNPL apps that provide very similar services. However, there are some differences between them. So which is the best option for you? Not sure? Well, this is where we come in. In this article, we will compare Simpl and LazyPay in terms of features, fees, and convenience, allowing you to choose the best option for your needs. So, what are you waiting for? Continue reading to learn more.
What is Simpl?
Simpl is a Buy Now and Pay Later (BNPL) service that provides a credit limit of up to ₹25,000. Users can use this credit limit for a variety of online purchases. Simpl has a fixed interest rate on the outstanding amount with no other hidden fees, in contrast to traditional credit card services or other installment payment plans.
Customers can better plan their finances and get a clear understanding of their repayment obligations with this simple approach. Additionally, Simpl, an excellent BNPL service, provides credit through a financial partner approved by the RBI.
Simpl creates your Pay Later bill twice a month: on the 1st and the 15th. If you use your credit limit from the 1st to the 15th, your bill comes on the 15th. If you shop between the 16th and 30th, your bill arrives on the 1st of the following month.
What are the benefits of using Simpl?
Simpl was inspired by the age-old tradition of a Khata or tab, which merchants use to serve their regular customers. It provides a ₹25,000 instant credit limit. As you make more purchases with this credit balance and pay the dues, your credit limit could be increased by the system.
The entire application process is digital, so there is no paperwork. In just a few minutes and a few clicks, you can activate it by completing your basic digital KYC. In India, you can use your Simpl Pay Later balance at over 26,000+ merchants including biggies like Zomato, Big Basket, and more. The app doesn’t have any hidden charges.
Furthermore, if you choose to pay the balance later, you incur no interest on your outstanding balance. You can also use your Simpl Pay Later credit to recharge your phone or pay bills using a Billbox (a premium option).
What is LazyPay?
LazyPay is also a credit service that provides credit cards, personal loans, and a Buy Now Pay Later option. LazyPay has partnered with PayU Finance, which offers credit to users.
You can pay the full outstanding amount within the next due, and you can also pay the bills in EMIs on nominal charges. Like Simpl, LazyPay also generates your Pay Later bill twice every month. It gives you 15 days of billing cycle.
Read: How to Transfer Money From Simpl to Bank Account?
What are the benefits of Lazypay?
LazyPay provides an instant credit balance of up to ₹1 lakh that can be used for online and offline transactions. It can be found at nearly all well-known internet retailers. In India, more than 100 retailers take LazyPay payments. You can raise your credit limit if you use your LazyPay credit balance for more frequent transactions and more shopping.
LazyPay Pay Later’s application process is entirely digital and paperless. All you have to do is register by providing your basic KYC information. You can select the No Cost EMI option if you are unable to pay the entire amount owed by the next due date.
The Scan and Pay feature offered by LazyPay is fairly similar to the Scan and Pay feature offered by UPI. Paying with your LazyPay credit balance is possible when you scan a merchant’s QR code. You can also use it to recharge your phone or pay bills.
Read: Why is My Amazon Pay Later Blocked? 5 Ways To Unblock It
Who can use these Pay Later Services?
You can use the service if you are an Indian citizen. You must be salaried, regardless of whether you work in the private or public sector. Your age must be at least 18.
Moreover, you’ll need a bank account, a PAN card, and an Aadhaar card to complete the basic KYC. Hence, the eligibility criteria are similar to those for other apps and can be used to make your daily life easier.
An Overview: Simpl Vs LazyPay
| Simpl | LazyPay | |
| Credit Limit | Maximum Limit of Rs 25000 | Maximum Limit of Rs 100000 |
| Billing Cycle and Grace Period | Simpl has a 15-day cycle for all its customers.
Simpl gives its customers a five-day grace period to pay the bill from the day it is generated. |
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. |
| RBI Approved | No | Yes |
| Digital and Physical Cards | Simpl doesn’t provide any digital or physical cards for using its credit limit. This means you can only use the credit limit at stores that are partnered with Simpl. | LazyPay offers its users digital and physical cards, which they can use for shopping online and in stores. However, these cards are not credit or debit cards, so you can’t use them to withdraw cash from ATMs or buy things from international shops, whether online or offline. |
| Merchant availability | Simpl credit limit can only be used at stores that are partnered with Simpl. | You can use LazyPay almost anywhere in India using its digital card, physical card, and Scan & Pay options. |
| EMI Facility | Simpl doesn’t offer EMI for all merchants, but it does have a Pay in 3 option for certain ones. With Pay in 3, customers can split the payment into three billing cycles without any interest. | Lazypay offers low-cost/no-cost EMI plans on certain merchants and big purchases. You can repay in 6, 9, and 12 months at affordable rates of interest. |
| Free CIBIL Score | Simpl does not provide any option to check your CIBIL Score or Experian Score. | LazyPay offers Credit Shield, allowing users to check their latest CIBIL score for free. The feature in the app also shows your CIBIL Score Trend and Account Summary. LazyPay notifies you when your score falls below average. |
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Simpl Vs LazyPay: Fee Structure
When using a buy now, pay later service, the fee structure is an important factor to consider. Nobody want hidden fees or excessive charges. Have a look at the fee structure of both Simpl and LazyPay below:
| Fees | Simpl | LazyPay |
| Late Payment Fees | ₹250 + applicable GST | 4% of the bill + applicable GST |
| Interest Charges on Late Payment | Zero | 3.5% of the outstanding amount |
| Convenience Fees | Up to ₹3 + applicable GST | 2-3% of the outstanding amount + GST |
| Joining Fees | N/A | N/A |
| Maintenance Charges | N/A | N/A |
Simpl Vs LazyPay: App Overview
| Simpl | LazyPay | |
| App Name | Simpl: Shop Now. Pay Later. | LazyPay: Loan App and Pay Later |
| Category | BNPL | Loan and BNPL |
| Available on | Google Play Store and Apps Store | Google Play Store and Apps Store |
| App Ratings | 4.4⭐ on Google Play Store | 4.4 ⭐ on Google Play Store |
| Number of reviews | 2 Lakhs | 4 Lakhs |
| Total Downloads | 1Crore+ on Google Play Store | 1 Crore+ on Google Play Store |
| App Size | 25 MB | 27 MB |
Simpl VS LazyPay: Contact and Support
| Contact Options | Simpl | LazyPay |
| Live Chat Support | YES | YES |
| Email Support | YES | YES |
| Phone Support | N/A | YES |
| WhatsApp Support | N/A | N/A |
Simpl VS LazyPay: Which is the winner?
Both apps have their pros and cons. However, in the LazyPay vs Simpl battle, LazyPay emerges as the clear winner and is currently dominating the BNPL sector.
One of the biggest strengths of LazyPay is digital and physical cards which enables users to utilize the credit limit across various online and offline stores in India. Additionally, LazyPay provides a credit limit four times higher than Simpl. However, Simpl offers more cashback and has more merchants on board compared to LazyPay.
FAQs
Q.1 How do Simpl and LazyPay work?
Ans. Simpl integrates with a variety of merchants, allowing customers to select it as a payment method during checkout. Users can make purchases, and Simpl consolidates payments into monthly installments. LazyPay provides a similar process. Users select LazyPay at checkout, make the purchase, and then receive a consolidated bill for repayment at the end of the billing cycle, which is typically one month.
Q.2 Are There Any Fees Involved?
Ans. Depending on the user’s payment behaviors, fees, and interest rates might be applicable. For more specific information, you must read the terms and conditions.
So, this was all about Simpl Vs Lazypay. We have compared the two most used and popular BNPL services for you. Hope you liked it.
