Following a three-month beta testing period, Bengaluru-based fintech Slice has come up with its UPI first account, primarily available to its existing customer base, according to a statement from the company.
The statement said that 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 UPI payment experience.
As per the statement, Slice account simplifies the payment process by eliminating cross-selling and prioritising a user-friendly interface. It includes autoload functionality for seamless transactions and automation of recurring payments.
In addition, 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, mentioned the statement.
It further notified that Slice secured the final authorisation from the Reserve Bank of India (RBI) for its Prepaid Payment Instrument (PPI) licence in September 2023, following the initial in-principle approval received in October 2022. Now, the account, a full Know Your Customer (KYC) prepaid account, has been made accessible to everyone, including teenagers, broadening its user base.