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

What is Simpl? 

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. You need to verify with OTP to make payment using Simpl.

• 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 Simpl Pay Later To Bank Account ?

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

How to Transfer Simpl Pay Later to Paytm Wallet? 

To transfer money from Simpl Pay Later to bank account, you need a Paytm account with FASTag enabled. You need to send the money to Paytm and then transfer to bank account through the FASTag recharge option. 

• Open the Simpl app

• Go to 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

How to 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 

How to Transfer Simpl Pay Later To Bank Account without charges?

Earlier, Paytm used to charge a 5% convenience fee for the wallet to bank transfer but the charge is no longer applicable. I have confirmed it with many friends who don’t have a merchant account, and still, they can transfer money from a Paytm wallet to bank account for free. 

So once you have transferred money to Paytm Wallet, you can send it to your bank account without charges. 

You can also read our article on how to transfer money from Paytm Postpaid to bank and wallet.

Conclusion 

Simpl is one of the leading Pay later apps that comes with many useful features. If you are thinking about how to use Simpl Pay Later, then I have provided all the details. I hope the information that I have shared will help you transfer money from Simpl Pay Later to 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! But you have to transfer money first to your Paytm wallet, and from there, 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 from there 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.