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slice rolls-out its UPI-first account product for users in India

By Gloria Mathias

February 06, 2024

  • Advent International
  • Blume Ventures
  • Digital Payments
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slice, Fintech news, fintech India, Fintech innovation, UPI First, UPI Account, digital Payments, slice, India’s FinTech startup, has announced the public release of its UPI first account, slice account. After a successful three-month beta testing period, primarily available to its existing customer base, slice is extending slice account services to all users.

The slice account has witnessed approval from the customers, who have quickly taken to its fast, integrated experience that combines user funds and digital payments within a single app infrastructure.

slice’s UPI first account offers a UPI handle (@slice) and a virtual account. The customers can effortlessly add money in the virtual account and spend via UPI or card, or link any other bank accounts they want, enjoying a seamless and fast UPI payment experience.

The firm simplifies the payment process by eliminating cross-selling and prioritising a user-friendly interface designed to save time. It includes autoload functionality for seamless transactions and automation of recurring payments. The design features a prominent chat icon for quick access to customer care, providing accessible user support.

Additionally, the product incorporates a gaming feature where each UPI transaction presents the chance to engage in “fire,” a game that offers the customers the chance to win twice the amount of their transactions in cashback, making it a fun payment experience.

slice successfully secured the final authorization from the RBI for its Prepaid Payment Instrument (PPI) license in September 2023, following the initial in-principle approval received in October 2022.

The full KYC prepaid account has been made accessible to everyone, including teenagers, broadening its user base. slice’s latest offering promises to significantly enhance and simplify the financial journeys of users across the board.

In the past, slice backed by investors such as Tiger Global, Insight Partners, Advent International, Blume Ventures, and Gunosy Capital, has cumulatively raised $290 million in its series A, B, and C rounds. The public release marks a milestone for slice in its mission to transform financial services in India.

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