Suspense crime, Digital Desk : In a significant development for the Indian fintech sector, Slice has secured final approval from the Reserve Bank of India (RBI) to issue its own credit cards on the RuPay network. This move marks a major milestone for the company, completing its transition into a licensed card issuer and paving the way for its next phase of growth.

This regulatory green light is the culmination of a strategic pivot for Slice. The company was heavily impacted by the RBI’s 2022 directive that barred non-bank institutions from loading credit lines onto Prepaid Payment Instruments (PPIs). This ruling effectively halted the operations of Slice’s popular prepaid card, forcing the company to re-strategize its entire business model.

By obtaining its own license, Slice can now directly issue credit cards to consumers without needing to partner with a bank for the underlying credit product. This gives the company greater control over its offerings, underwriting processes, and customer experience.

The choice of the RuPay network is also strategic. RuPay, India’s domestic card scheme developed by the National Payments Corporation of India (NPCI), has seen rapid adoption, partly due to its seamless integration with the Unified Payments Interface (UPI). This will allow Slice’s new credit card users to link their cards to UPI for convenient, QR code-based payments, a feature highly valued by Indian consumers.

This approval comes as Slice is also in the process of merging with North East Small Finance Bank, a move that will further solidify its position in the financial services landscape. By becoming a licensed card issuer, Slice is not just making a comeback but is positioning itself as a more resilient and regulated player in India’s highly competitive fintech market.

Read More: Fintech Firm Slice Scores RBI Approval to Launch RuPay Credit Cards