The Reserve Bank of India (RBI) has ordered Bengaluru-based fintech startup Simpl to stop all payment operations. The central bank said that Simpl was providing payment services like payment, clearing and settlement without proper authorisation, which is against the Payment and Settlement Systems Act, 2007.

According to the RBI, Simpl did not have the required authorisation certificate to operate as a payment system. This makes it a violation of the laws governing digital payments in India.

Simpl is a popular buy-now-pay-later (BNPL) platform and works with big brands like Zomato, BigBasket, Rapido and Box8. With the RBI's order, the company's services may be affected until it receives the necessary approvals.