Globally, merchants shell out higher commissions to BNPL providers, and because India is a high-interest country, that number should be around 4-5%. I think BNPL as a service will not truly work in India for the next 1-2 years. Where do you see the 'Buy Now, Pay Later' market heading in a few years' time? Do you have anything special in store for the BNPL segment? Robust risk management capabilities have helped us scale our business and truly become an inclusive product. We have actively invested in building a solid risk infrastructure by leveraging data science in the last two years. We have taken a very different approach to credit risk underwriting since the companyвЂ™s inception in 2016.

SliceвЂ™s mission has always been to provide the best customer experience. The pandemic brought with it a drastic shift in the way consumers approach digital payments. What has been Slice's strategy to deal with this disruption? The pandemic has changed the way people spend. ItвЂ™s the philosophy we follow for developing any new product. Our mission is to grab a Slice of every consumer business and elevate the experience to greatness. While there is still scope for experimentation in the credit and payments space, our customer-first approach has given us a strong word of mouth. We have a simple goal - to make offers a lot more beneficial, delightful and rewarding for our members. Every Slice member gets up to 2 per cent instant cashback, unique offers on вЂsparkвЂ™ - our offers platform that reimagines the way card offers and discounts should ideally work. Slice super card is created to be the most rewarding card for all users, irrespective of their credit limit. Due to which only вЂњpre-defined premium customers' benefit from it, leaving the rest of the users with a poor customer experience.ДЄt Slice, we are genuinely invested in finding an alternative to this. Both eligibility and the rewards system is based on the userвЂ™s credit history and credit limit, respectively. At the lowest end, credit cards go up to в‚№20,000. We recently introduced в‚№2000 credit limits on the Slice cards. Over the last few months, we have introduced new features to our card. We have some exciting projects in the pipeline, one of them is integrating UPI for our members. WhatвЂ™s the next product we can expect to emerge from your stables? Slice super card is an interesting offering. We aim to become the payments product of choice for India. Any slight friction in product experience can lead to a magnitude of market size reduction, which is happening in India today.ДЄt the moment, Slice has more than 4 million registered members with an average age of 27 years. However, we view Slice card as a payments product to solve a consumer experience problem with a вЂcustomer-first approachвЂ™ in mind.

Those banksвЂ™ primary focus is to optimize the fees related to credit cards and, with the help of portfolio teams, to increase the loan book, leaving the customer experience in the corner. Many banks in India have historically viewed credit cards as a loan product rather than a high-frequency payment instrument. We project more than 150 million people will start using credit cards or pay later products over the next 5-7 years in India and we aim to remain one of the best consumer product choices for that market. Slice card comes with features like starting credit limits of в‚№2,000 up to в‚№10 lakh, 3 months flexible payment plan for free, up to 2 per cent instantly redeemable cashback on every transaction, fast on-boarding process, and an intuitive app experience. We launched Slice card in 2019, a pay later card minus the complexities of a traditional credit card with a strong focus on customer experience. This low credit penetration is due to various factors such as accessibility and experience. Currently, the credit card penetration in India is under 3%, with around 35 million unique customers. Are there plans to expand to capture a wider market? If yes, then how do you intend to do it?ДЄt Slice, we are constantly upgrading and expanding our product offerings to give our members a superior customer experience. Slice has kept its focus on millennials and youth so far.

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