Slice unveils its UPI platform for everyone: All you need to know

Slice, a fintech unicorn, has expanded its services by integrating UPI (Unified Payments Interface) into its platform, making it accessible to all users, including those on its waiting list and existing customers. This move transitions Slice from being exclusively a credit product company to a payments-first entity. 

Following a three-month beta testing phase primarily for its existing customer base, slice is now expanding slice account services to all users.

Slice's UPI-first account provides users with a unique UPI handle (@slice) and a virtual account. Customers can easily add money to the virtual account and make payments through UPI or card. They also have the flexibility to link any other bank accounts, ensuring a smooth and rapid UPI payment experience.

The slice account streamlines payments by focusing on a user-friendly interface that eliminates cross-selling and prioritizes time-saving features. It introduces autoload functionality for effortless transactions and automation of recurring payments. The design includes a prominent chat icon, ensuring quick access to customer support for user assistance.

Adding a unique and engaging element, the product incorporates an innovative gaming feature. With each UPI transaction, users have the opportunity to play the "fire" game, providing them a chance to win double the amount of their transactions in cashback. This not only simplifies payments but also adds an element of fun to the overall payment experience.

The UPI feature on Slice allows users to create a UPI account within the app by linking their bank accounts. With this integration, Slice aims to cater to a broader audience, including the tech-savvy millennial and Gen Z demographic. Users can now make pinless UPI payments in just one second, enhancing the convenience of transactions. The UPI payments feature is designed to be fast, allowing users to scan and pay or send money effortlessly.

For those interested in managing their finances through Slice, the platform offers a digital lending service with a Slice Credit Card in collaboration with various NBFCs. Customers can enjoy up to 2% cashback on every transaction as rewards, making it an attractive option for individuals new to credit due to its relaxed eligibility criteria.

To use the UPI service on Slice, users must have a bank account, an active mobile number linked to that account, a smartphone, and an internet connection. The maximum balance for the UPI Lite Facility is capped at INR 2000 or as prescribed by the regulator. If users need to change or reset their UPI PIN, they can do so through the app's accounts section.

Slice's entry into the crowded UPI payments market comes at a time when the NPCI has proposed rules to cap single payments app processes, providing opportunities for more companies to participate. The company, led by Founder and CEO Rajan Bajaj, is also looking to launch other payment products such as NFC in the coming years.

Slice had achieved a gross transaction value (GTV) of over Rs 2000 crore in 2022, and its non-banking financial company (NBFC) arm, Quadrillion Finance, has been profitable for the last two years. With no plans for layoffs and continued hiring, Slice is well-capitalized and on the path to profitability, aiming to become the best payments company globally with more than 100 million customers in the next 3-4 years.

Backed by leading investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital, slice has cumulatively raised $290mn in its series A, B, and C rounds.

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