TLDR:
– Fintech firm slice has made its UPI-first account available to all users after a successful beta testing period.
– The UPI-first account provides users with a UPI handle and a virtual account, allowing them to add funds and make purchases using UPI or card transactions.
Fintech firm slice has announced the release of its UPI-first account to all users, following a successful three-month beta testing period. The account provides users with a UPI handle and a virtual account, allowing them to add funds and make purchases using UPI or card transactions. Customers also have the option to link additional bank accounts if desired. The UPI-first account also incorporates autoload functionality, making transactions more streamlined and automating recurring payments.
This release comes after slice invested $3.42 million in North East Small Finance Bank last March, aiming to turn around its business after being affected by an RBI notification that restricted non-bank PPIs from extending credit lines. The fintech unicorn received final authorization from the RBI for its PPI licence in September 2023, and the fully KYC-compliant prepaid account is now available to all users, including teenagers, expanding its user base.
Founded in 2016, slice offers financial services and online platforms for credit facilities, prepaid cards, electronic vouchers, and software products. The company saw a significant increase in revenues during the fiscal year 2023, with revenues from operations reaching Rs 846.74 crore. However, the company’s losses also widened by 60% during the same period.
Overall, the release of slice’s UPI-first account to all users marks a significant step for the fintech firm as it expands its user base and further streamlines transactions for its customers.
