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Fintech unicorn Slice has integrated UPI into its app for all existing and waitlisted users, as it aims to become a one-stop payment platform.
Following its trial in 2021, the company is now rolling out the integration in a phased manner. On the credit side, Slice said it has scaled significantly and will be inching towards profitability in the coming months. The company will use the free cash flows from its core product (credit) to increase the scope of Slice’s services. This fintech unicorn will continue to expand its payments product and add all the possible payment methods for the customers in the future.
Similar to other UPI apps, Slice users can now create a UPI account on the slice app by linking it to their bank accounts. With (&ID), the unique ID on slice, users will be able to make payments just by searching for the &ID.
Commenting on the launch, Rajan Bajaj, Founder - CEO, slice said, “At slice, our purpose is to make the world better at using money and time. And slice UPI is built to fulfill this purpose. While building our UPI product, we ensured that we removed all the friction - there is no advertisement, there is no cross-selling, and there are no 100+ CTAs. The question we keep asking ourselves is “how can the user do this in 1 second or even less time?” And we wanted to make this happen, now.”
By extending UPI services to its ten million waitlisted customers, Slice said it will now enable the company to understand this set of users and activate credit for them in the future. In November 2021, slice entered unicorn club after raising $220mn in its Series-B fundraise co-led by Tiger Global and Insight Partners.
Rajan added, “The Payments network in India is very open with interoperability. Due to this, I believe that a product with the best consumer experience will eventually win people’s hearts. The significant growth which we have seen in the last few years on our slice super card proves that we have really struck a chord culturally with our consumers and they would love to use us for all their payment needs..”
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