On the credit side, slice has scaled significantly and will be inching towards profitability in the coming months. As slice turns profitable in the core product, the company will increasingly be using the free cash flows from there to increase the scope of what slice stands for its consumers. 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 andy (&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.”
Earlier, only slice’s credit users could enjoy its simple and intuitive experience. By extending UPI services to its 10mn waitlisted customers, the company will now be able to provide them with an equally superior experience. Furthermore, it will enable the company to understand this set of users and activate credit for them in the future.
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.”
Sanjeev Moghe, President & Head-Cards & Payments, Axis Bank, said, "With the increasing adoption of digital payments, Axis Bank remains committed to extend its robust, reliable and scalable Axis Bank UPI stack for wider use to the customers and partners. In further deepening of its collaborative ecosystem, Axis Bank is partnering with slice for extending UPI services. We believe that with this partnership, we would be able to capitalize on slice's immense domain strengths for empowering customers to a seamless and simple digital payment experience."
UPI on slice has been launched not only for its existing but also its 10mn waitlisted users. The company aims to make the feature accessible to new to slice users in the coming months to experience its one-stop payments experience which is simple, fast, and cool.
In November 2021, slice entered India’s prestigious Unicorn club after raising $220mn in its Series-B fundraise co-led by Tiger Global and Insight Partners. The company is building the best payment experience in India with its slice super card. Having registered a 40% month-on-month growth and an existing and 10mn waitlisted users, the company aims to make its UPI product the only payment app that millennials and Gen-Z in India need.
