RBI cracks down on ‘buy now, pay later’
MUMBAI/BENGALURU: RBI has ordered Simpl, a Bengaluru-based buy-now-pay-later (BNPL) firm, to shut its payments operations with immediate effect. The platform, which works with 26,000 merchants and lets shoppers defer payments at checkout, had been running a payments system without the central bank’s blessing. Under the Payment and Settlement Systems Act of 2007, no company can…
