Fintech firm slice releases UPI-first account for all users
Customers have the flexibility to add funds to the virtual account and make purchases through UPI or card transactions, or they can link additional bank accounts as desired.
Fintech firmmade its UPI-first account available to all users following a three-month beta testing period with its existing customer base.
The Bengaluru-based company said that the UPI-first account provides users with a UPI handle (@slice) and a virtual account. Customers have the flexibility to add funds to the virtual account and make purchases through UPI or card transactions, or they can link additional bank accounts as desired.
The UPI-first account from the consumer payments and credit company incorporates autoload functionality, streamlining transactions, and automating recurring payments, it noted.
Last March, slice invested $3.42 million to acquire a 5% equity stake in Guwahati-based North East Small Finance Bank. The fintech had been looking for a turnaround in its business after an RBI notification that sought to bar non-bank PPIs (prepaid payment instruments) from extending credit lines affected its core operations.
The fintech unicorn secured the final authorisation from the RBI for its PPI licence in September 2023, following the initial in-principle approval received in October 2022.
Now, the fully KYC-compliant prepaid account is available to everyone, including teenagers, expanding its user base.
Founded in 2016 by Rajan Bajaj, slice offers financial services and online platforms that facilitate credit facilities, prepaid cards, electronic vouchers, and software products, streamlining business transactions across various industries.
slice witnessed a nearly threefold increase in revenues during the fiscal year 2023, driven by a surge in service sales. The revenues from operations surged to Rs 846.74 crore from Rs 283 crore in the previous fiscal year. Despite the revenue growth, the company’s losses widened 60% to Rs 405.78 crore in FY23, compared to Rs 253.67 crore in FY22.
Edited by Affirunisa Kankudti