Slice Reimagines Credit Access with UPI-Linked Card
Mumbai: Slice has launched the slice UPI credit card, aiming to integrate formal credit seamlessly into India's dominant UPI payment system. Designed to work like any UPI transaction, the card eliminates the need for physical swipes or cards, offering features like cashback and interest-free EMIs.
However, Slice's broader ambition lies in reimagining India's credit infrastructure, not just introducing a new card. Following its merger with North East Small Finance Bank, Slice now operates as a full-fledged bank with complete control over its technology stack, including core banking systems and credit underwriting. The bank on Saturday, opened its first digital-led branch in Bengaluru with the first of its kind UPI ATM.
The new ATMs enable withdrawals and deposits using a QR code, eliminating the need for a physical card or account number. Users can scan a QR code at the machine to withdraw cash from any bank account or make deposits, even without entering account details. Slice intends to deploy hundreds of these ATMs across the country in the coming years to ensure broad access.
Rajan Bajaj, founder and executive director of Slice, said the bank's goal is to reshape India's credit landscape by extending access to 130 million credit-worthy but underserved citizens.
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'The traditional credit card model was largely unchanged for 75 years since its inception in America. This needs to be redesigned for India to be able to service 300 million of our citizens who are credit worthy.' He emphasized the role of mobile in this transformation: 'The interface of serving this credit is mobile.
But the fundamental source of the money still remains credit.' Slice's experience with new-to-credit customers gives it an edge, with Bajaj noting, '50% of those customers being new to credit… who really understand the credit risk of these customers where small ticket sizes are relevant.'
Bajaj added that Slice's credit model has 'performed 30% better historically than the market,' making it ideal for reaching underserved segments at scale. He pointed out how UPI simplifies credit disbursement by enabling approval 'at the point of transaction,' removing the need for physical credit cards: 'The physical one just can be a physical like virtual card.' According to him, most co-branded cards focus on the same group of 40–50 million users, whereas Slice aims to go beyond: 'For the 300 million credit-worthy individuals in India, access to a credit card would be a game changer for them.
' Bajaj sees this shift as transformative, comparing it to UPI's rise over the past decade: 'We think UPI credit card is that same moment for India… ten years from today it'll be like one of the biggest moments of UPI unlocking credit for the entire economy.'
A key differentiator is Slice's ability to underwrite customers who were previously excluded. Bajaj claimed their Customer Acquisition Costs are '10 times lower than traditional banks,' thanks to a mobile-first approach and strong word-of-mouth.
This enables Slice to offer credit to a much broader customer base and across more merchants: '60, 70 million merchants' versus '5, 6 million merchants' in the traditional credit card system.
The average transaction size is expected to fall from ₹2,500 to smaller amounts, making it 'more relevant for this large 300 million population of India that's credit worthy.'
Transparency is also central to Slice's offering.
Bajaj emphasized the need to give users control over repayments: 'People can control the way they are paying… if they want to roll over, this is the extra interest that they'll end up paying.' The card includes a 'flagship 3 months free installment' feature, allowing users to convert purchases into equal payments: 'Instead of 90 days one shot, you are getting 1667 rupees for three months… in this cycle, next month cycle and then the next next month cycle.
'
Beyond credit cards, Slice is expanding its banking model. While continuing with loans like personal and SME credit, it is focusing on scalable digital products. Bajaj sees Slice's future as rooted in financial inclusion. With half of its customer base being new to credit, the bank is focused on serving '130–140 million Indians who are not even eligible for formal credit today.'
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