Also - it's basically reinventing the wheel to be similar to how credit cards in the US work, linked to your email/phone instead of a card. (Not dissing the product, though. I do use, and prefer Simpl when it's available).
But honestly, I'm still waiting for a proper payment system which behaves in a responsible manner while giving me a great deal of control and security.
Using credit cards for online payments is kind of ridiculous. I literally have to take pics of both sides to skim you off. Moving liability to the banks is not an ideal solution. The Indian way of OTPs on every transaction, I agree, has too much friction.
Why isn't there a oauth-like permission based system yet? Where I can authorize recurring payments of fixed/variable amounts, authorize one-time payments, etc, and manage all these merchant at one place? Today, if I have to block a company from charging me, either I go to their website, or get in a long and unfruitful call with my bank.