Latest news with #UPI-linked
Mint
11 hours ago
- Business
- Mint
After years of burn, Slice looks to turn profitable in FY26
Three years after a regulatory crackdown disrupted its core business, fintech startup Slice says it has turned profitable on a monthly basis and is targeting full-year profitability in FY26. The turnaround follows its transition into a regulated bank after its final merger with North East Small Finance Bank (NESFB) in October 2024. Slice was among several fintechs forced to stop offering credit line offerings via prepaid payment instruments (PPI) wallets after the Reserve Bank of India's 2022 circular. This effectively shut down Slice's popular card offering, which had gained traction among younger Indian users. Following its acquisition and merger with NESFB, Slice has stabilised its operations, consolidated assets, and transitioned into a deposit-funded, digital-first bank, founder and executive director Rajan Bajaj told Mint. 'We are now PAT-positive on a monthly basis. That was a milestone we had set for ourselves after the merger, and we have been able to achieve it quite early," Bajaj said. However, the small finance bank has not yet disclosed audited financials for FY24, and the profitability target remains based on internal metrics. Slice saw its revenue surge in FY23, reaching ₹847 crore, a threefold increase compared to the previous year. However, this growth was accompanied by a significant rise in losses, reaching ₹406 crore, a 59.8% increase from FY22. 'We have converted into a public entity now, we just haven't listed yet," Bajaj said. 'As a bank, you have to list after a certain point. We want to do that in the next 3–4 years." Full banking status Slice's evolution from a non-bank lender into a full-stack bank comes at a time when several fintech peers are still grappling with regulatory headwinds. The RBI has turned down other applications for banking licences, including that of Navi, making Slice's route—via the merger with an existing bank—an exception. With NESFB's licence, Slice has access to core banking infrastructure, the ability to raise retail deposits, and offer regulated credit products. 'We've converted into a public entity, we just haven't listed yet," he said, noting that banks are required to go public after a certain point. Slice aims to list within 3–4 years. According to Bajaj, the bank is onboarding approximately 3 lakh customers per month since October and claimed the bank has doubled its deposit base post-merger, though the actual value of deposits was not disclosed. One of Slice's key products is a repo-rate-linked savings account, which passes on 100% of the prevailing repo rate to depositors. Interest is calculated daily and credited directly to users' accounts. 'Most banks don't give the full repo rate to customers. They offer 2.5–4%. We're changing that," Bajaj said. This comes at a time when the RBI's third consecutive rate cut, bringing the repo rate to 5.5% in June, has prompted banks to reduce FD interest rates, impacting deposits. UPI-linked credit card Slice is betting big on a UPI-linked credit card aimed at India's 300 million underserved but credit-worthy users. 'We think the credit card product is going to get redesigned for India, just like payments got redesigned in the last 10 years," Bajaj said. The product allows users to make QR code-based UPI payments using their approved credit limit. Bajaj said about 5 million users have accessed Slice credit so far, and half of them were new-to-credit customers. Earlier this year, NPCI chief Dilip Asbe underscored the push to onboard an additional 200–300 million users to UPI to 'break their cash memory," pointing to the potential size of the addressable market. Digital branchesSlice has opened its first UPI-led digital bank branch in Bengaluru's Koramangala, featuring a Slice-branded UPI ATM that allows cardless cash deposits and withdrawals using any UPI app. 'You don't have to carry your debit card. That's a relic of the past," Bajaj said. While banks like SBI and Hitachi have previously piloted UPI ATMs, Slice plans to scale aggressively with installations across 600 districts, including rural areas. Bajaj noted that earlier pilots suffered from low visibility and uptake. Slice primarily competes with other small finance banks and potentially traditional banks in the digital banking space, apart from other credit card players in fintech. The bank is also expanding into merchant-facing infrastructure, such as current accounts, QR-code-based collections, and faster settlement cycles, in a bid to become the primary digital bank layer for UPI users. 'To build a true UPI credit card ecosystem, you have to solve the problem end-to-end, for both consumers and merchants." On future fundraising, Bajaj said Slice is not actively seeking external capital at the moment, citing strong deposit inflows and capital adequacy. 'We're not doing any formal discussions right now. But as and when we need capital, we will raise," he said. Since its inception in 2016, the company has raised close to $342 million in multiple funding rounds from investors such as 360 One, Insight Partners, and Tiger Global Management, among others.
Hans India
3 days ago
- Business
- Hans India
PhonePe, HDFC Bank unveil co-branded RuPay credit card with UPI credit payments
PhonePe and HDFC Bank have launched a new co-branded credit card on the RuPay network, marking PhonePe's entry into the credit card space. Named the 'PhonePe HDFC Bank Credit Card', it's available in two variants—'Ultimo' and 'UNO'—and is integrated with UPI to enable credit-based payments at any merchant accepting UPI QR codes. Designed for digital-first users, the card offers tailored rewards and spending benefits. The Ultimo variant provides: 10% reward points on transactions via the PhonePe app—bill payments, recharges, travel, and Pincode purchases 5% reward points on select online merchant spends 1% reward points on UPI 'Scan & Pay' transactions Two complimentary domestic airport lounge visits every quarter Both variants support seamless UPI-linked payments through credit and can be managed directly in the PhonePe app. Users can apply for the card digitally, and HDFC Bank will issue and activate the card upon approval. The rollout will occur in phases. The partnership combines HDFC Bank's credit capabilities with PhonePe's digital penetration, targeting India's growing population of UPI-savvy users. As of April 2025, PhonePe boasts over 61 crore users and a merchant network of 4 crore outlets, processing more than 34 crore daily transactions and over ₹150 lakh crore in annual TPV.
Time of India
09-06-2025
- Business
- Time of India
Paytm introduces personalized UPI ids to enhance user privacy and expand global payments
Mumbai: Paytm has introduced personalised UPI IDs aimed at enhancing user privacy by allowing payments without revealing mobile numbers. The feature enables users to create handles such as name@ptyes or name@ptaxis and is currently supported by Yes Bank and Axis Bank, with plans to extend it to other banking partners. The new UPI ID system allows individuals to send and receive money without disclosing their phone numbers, addressing concerns about personal data exposure in digital transactions. According to the company, this update offers a more secure and flexible way to use UPI for everyday payments, from settling bills with delivery agents to paying vendors or shopkeepers. A Paytm spokesperson said, 'We have introduced personalised UPI IDs to offer more choice and privacy in payments. We heard the feedback from our customers who wanted to keep their mobile numbers private and built this solution to address that need.' The company said the new system is designed to deliver greater control over personal information while maintaining seamless usability. Paytm users can create personalised UPI handles through the app by navigating to their profile, accessing UPI settings, selecting a custom ID, and activating it as the primary handle. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Once set, the personalised ID masks the mobile number in transaction details, providing users with a consistent identity for digital payments. The company has also rolled out seven other updates to its platform. These include the option to hide or unhide payments, automatic categorisation of spending, widgets for faster access to payment functions, auto top-up for low-value UPI Lite transactions up to Rs 5,000, downloadable UPI statements in PDF and Excel formats, and a consolidated view of balances across UPI-linked bank has also expanded UPI acceptance for Indian users abroad. UPI payments are now enabled in the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal, allowing users to make payments overseas using the same app. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
30-05-2025
- Business
- Time of India
Street vendors to get credit cards, bigger loans
The PM SVANidhi scheme is being revamped to provide street vendors with higher subsidised loans and credit cards with a limit of Rs 30,000, facilitated by banks, ToI reported on May 30. The revamped scheme, which will soon be presented to the Cabinet for approval, aims to extend subsidised loans to street vendors from rural areas migrating to cities. This initiative builds upon the success of the original scheme launched in 2020, which provided respite from high-interest informal sector loans to over 68 lakh street vendors, ToI's report (by Dipak K Das) said. The revamped PM SVANidhi scheme is set to offer enhanced financial support to street vendors. Banks are coming on board to provide credit cards with a limit of Rs 30,000. These credit cards will be issued to street vendors who have successfully repaid the initial three tranches of subsidised loans, which were Rs 10,000, Rs 20,000, and Rs 50,000. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo The scheme's expansion includes extending subsidised loans to street vendors from rural areas who move to cities for their livelihood. Sources indicate that an additional Rs 10,000 will be included as part of the enhanced loan amount. The credit card facility is designed to provide street vendors with better credit ratings access to more rolling capital for their businesses. The repayment norms for these credit cards will be determined by the banks. In her Budget speech, FM Nirmala Sitharaman highlighted the impact of the original scheme. Live Events "Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support," she added. The original PM SVANidhi scheme was launched in 2020 during the Covid-19 pandemic. It aimed to provide financial relief to street vendors who were often reliant on high-interest informal sector loans. The scheme has already benefited more than 68 lakh street vendors. The revamped scheme seeks to build upon this foundation by offering increased loan amounts and access to formal credit through UPI-linked credit cards. This initiative is expected to provide street vendors with greater financial stability and opportunities for business growth. The involvement of banks in the scheme is crucial for ensuring its effective implementation and outreach. The provision of credit cards will enable street vendors to manage their working capital more efficiently. The credit card facility will allow street vendors with a better credit rating to have access to more rolling capital for business, with the repayment norms being decided by banks. This access to formal credit can help them reduce their dependence on informal sources of financing, which often come with exorbitant interest rates. The inclusion of rural street vendors in the revamped scheme is a significant step towards ensuring that the benefits of the program reach a wider population. Street vendors who migrate from rural areas to cities often face unique challenges in accessing financial services. By extending the scheme to this group, the government aims to provide them with the support they need to establish and grow their businesses in urban areas.
Time of India
29-05-2025
- Business
- Time of India
Higher loans, credit cards coming street vendors' way
Higher loans, credit cards coming street vendors' way NEW DELHI: With the contours of the revamped PM SVANidhi scheme having been finalised, street vendors will be getting higher subsidised loans, as well as credit cards with a limit of Rs 30,000, on account of banks coming on board. The credit cards will be issued by banks to street vendors who have repaid the earlier three tranches of subsidised loans, of Rs 10,000, Rs 20,000 and Rs 50,000. TOI has learnt that the revamped scheme will soon be placed before Cabinet for approval. Sources said the subsidised loans will now also be granted to street vendors from rural areas who migrate to cities to make a living. Though the housing and urban affairs ministry did not respond to queries, sources said an additional Rs 10,000 would be provided as part of the enhanced loan amount. Sources said the credit card facility will allow street vendors with a better credit rating to have access to more rolling capital for business, with the repayment norms being decided by banks. In her Budget speech, FM Nirmala Sitharaman had said the scheme launched in 2020, during the Covid-19 pandemic, has provided more than 68 lakh street vendors with respite from high-interest informal sector loans. "Building on this success, the scheme will be revamped with enhanced loans from banks, UPI-linked credit cards with Rs 30,000 limit and capacity building support," she added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
