Indian fintech start-up Slice is extending its account service by launching ‘Slice Account’, a unified payment interface (UPI) account on Monday, after three months of beta testing period in order to reach wider consumers interested in the use of UPIs.
The payment process through UPI has been broadly used at almost every corner of the sub-continent. From grocery vendors to a luxury hotel, it is the most preferred mode of making payments for the purchase of any product or availing services.
A week ago, NPCI International Payments (NIPL) partnered with French fintech company Lyra, to initiate accepting UPI payment system in France starting with the widely-known tourist spot Eiffel Tower.
Slice Account is a prepaid instrument and zero-fee digital account, which allows users to make payments using a Slice card and make UPI transactions, by which a customer can add money to the virtual account and spend via UPI, card, or link, said the firm.
This product looks to simplify the payment process by eliminating cross-selling as well as prioritizing a user-friendly interface designed to save time, said the firm.
The firm secured a Prepaid Payment Instrument (PPI) license from the Reserve Bank of India (RBI) in September 2023, following the initial approval received in October 2022, said the firm.
Slice’s latest offering aims to enhance and simplify the financial journeys of users across the board, said the fintech company. The product includes a gaming feature named ‘Fire’, which offers customers a chance to win twice the amount of transactions in cashback.
The Bangalore-based financial service provider was founded in 2016 and it currently has over 10 million downloads in Google Play Store. Slice app lets one make payments and access credit with its subsidiaries – Slice Account, Slice UPI, and Slice Borrow.
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