• Home
• Miscellaneous
• How to Transfer Money from Simpl Pay Later to Bank Account?

What is Simpl Pay Later?  

Simpl is an online credit app based on Buy Now Pay Later option. It uses a unique machine learning model to allot a credit limit to users. With Simpl, you can shop at 23,000+ merchants online, from food to groceries, entertainment, and healthcare. It can also be used to pay all utility bills in one tap. Simpl pay later bill is generated twice per month on the 15th and 30th. 

Where to Use Simpl Pay Later?

Simpl Pay Later is accepted at 23,000+ merchants online. You can pay at leading online merchants such as Bigbasket, Jiomart, Zomato, Netmeds, Redbus, Fynd, and Rapido, among others. The long list of merchants covers all major categories of your daily shopping needs. 

Simpl Pay Later bill is charged twice per month 15th & 30th/31st. If you fail to clear the bills by the due date, a late penalty fee will be levied. The late penalty is up to Rs. 250 + taxes. 

How to Use Simpl Pay Later?

You can use Simpl Pay later at 23k + merchants. Once you shop from the registered merchants, enter your mobile number registered with Simpl for payment. Follow the steps mentioned below to know more.

• Visit the merchant site (Zomato, Bibbasket, JioMart, Rapido, etc.)
• Add products to the cart 
• Proceed to check out
• Enter Simpl Pay Later number
• Verify with OTP
• Money will be deducted from your credit balance

How to Transfer Money from Simpl Pay Later to Bank Account? 

There is no direct way of transferring your money from Simpl Pay Later to a bank account. However, you can first transfer your money to the paytm wallet, and from there, you can transfer the funds to your bank account. I have explained the complete process down below.

1. Transfer Money from Simpl Pay Later to Paytm Wallet

Do you want to know how to Transfer Simpl Pay Later to Paytm Wallet? We have mentioned the steps to transfer money from Simpl Pay Later to a bank account; 

• Open the Simpl app
• Go to the Recharge & Bill payment tab
• Select the FASTag option
• Select Paytm FASTag from the list
• Enter the vehicle registration number linked with the FASTag account
• Enter the amount and proceed to the payment
• The amount will be transferred to your Paytm wallet

2. Transfer Money from Paytm Wallet to Bank account 

You have transferred money to your Paytm wallet. Now, transfer the money from Paytm Wallet to bank account. You can easily transfer money from Paytm Wallet to bank account without charges. 

• Open the Paytm app
• Tap on Paytm Wallet 
• Select transfer to bank account
• Enter the amount 
• Select a bank account to transfer money 
• Tap on the proceed button
• Money will be transferred to the bank account

Does Transferring from Simpl Pay Later to a bank account Have Charges?

As mentioned earlier, you cannot transfer money directly from Simpl Pay Later to your bank account. To complete the transfer, you first need to move the funds from Simpl Pay to your Paytm wallet. Once the money is in your Paytm wallet, you can then transfer it to your bank account.

Previously, Paytm used to charge a 5% convenience fee for these transactions. However, the good news is that there are no longer any charges for this process.

Conclusion 

Simpl is one of the leading Pay Later apps with many valuable features. In this article, we have mentioned the method of using Simpl Pay Later. I hope the information I have shared will help you transfer money from Simpl Pay Later to your bank account. With the Paytm FASTag trick, you can transfer money from Simpl Pay to your bank account without charges. 

Frequently Asked Questions

Q. Can I transfer money from Simpl to bank account?

A. Yes, you can! You first have to transfer money to your Paytm wallet, and then you can transfer it to your bank account. 

Q. How do I transfer money from pay later to my bank account?

A. Transfer the money from Simpl Pay Later to your FASTage account, and then you can transfer it to your bank account. 

Q. What will happen if I don't pay Simpl bill?

A. You will be changed with a penalty of Rs.250 plus applicable taxes on the unpaid amount. 

Q. Is Simpl RBI approved or not?

A. Simpl is not RBI-approved, but it’s safe to use.

Q. What happens if we don't repay after using the money from Simpl?

A. You will be charged a penalty fee if you fail to repay the money borrowed from Simpl.
 

Join Whatsapp Channel & Get Instant Deal Alert