This new UPI credit card offers 3% rewards, no-cost EMIs
What's the story
Fintech company Slice has launched a new Unified Payments Interface (UPI)-based credit card, the "Slice Super Card." The innovative financial product comes with no joining or annual fees and allows users to make payments directly from a pre-approved credit line. The card also offers up to 3% cashback on spends and lets customers split payments into three interest-free installments.
Branch launch
Slice also launched a UPI-led digital bank branch
Along with the new credit card, Slice has also launched a UPI-led digital bank branch in Koramangala, Bengaluru. The facility features a unique UPI ATM that allows both cash withdrawals and deposits. This is one of the first such facilities in India. The bank branch provides instant digital onboarding and kiosk-based account opening and service access for customers.
Credit expansion
Slice aims to widen formal credit access in India
Slice's UPI-focused strategy intends to widen formal credit access in India, especially for the over 200 million digital payment users who are currently underserved. The company recently merged with North East Small Finance Bank (NESFB) and now operates as a full-stack bank with control over its own infrastructure. Rajan Bajaj, Founder and Executive Director of Slice, said their goal is to deliver point-of-sale credit through mobile interfaces and bring more merchants and consumers into the credit ecosystem via UPI.