For those of you who know about Slice (one of the Fintechs who were using BNPL products as a proxy to credit card), there is an update regarding the Slice Card they had launched as BNPL product about 3 years ago and then transitioned that to a pre-paid (read more about RBI mandate on this here) card and rebranded it as Slice Mini.

Post 30th Sept, the Slice Mini prepaid card will be closed and all the funds that are unused would be transferred back to the account linked to Slice Mini. Below is the official communication from Slice and SBM Bank India (SBM Bank India is a subsidiary of the State Bank of Mauritius)

For fintechs like LazyPay, UNI, Slice etc, since the intervention of RBI, times have been rough and they have been forced to stop offering BNPL cards all together. So these fintechs have tried to offer some sort of prepaid card or come up with an actual credit card by getting into partnership with a traditional bank. ONE and FI are two such examples of fintechs.

Overall, the Slice BNPL card was a good card with its easy to use app and ‘Spark’ offers that came in handy. Hope they come up with something new like an actual credit card and keep the spark alive.