Slice UPI - 8 Ways To Easy Transactions
Slice, a fintech unicorn, has integrated UPI (Unified Payments Interface) into its platform, making it accessible to all users. Slice UPI has introduced the UPI-first account providing users with a unique UPI handle (@slice) and a virtual account. Customers can easily add money to the virtual account and make payments through UPI or card. This move transitions Slice from being exclusively a credit product company to a payments-first entity.
My Blog post highlights the salient features, benefits, charges and transactional limits set by Slice through its UPI platform.
Table of Contents
Slice UPI Features
Slice UPI platform offers the following features :
- User-friendly interface: The slice account streamlines payments by eliminating cross-selling and prioritizing time-saving features.
- Quick customer support: The design includes a prominent chat icon for easy access to assistance.
- Gaming feature: With each UPI transaction, users can play the “fire” game, giving them a chance to win double the amount of their transactions in cashback.
- Unique IDs Powered By Andy: UPI users on Slice will be able to create unique IDs that will allow them to search for their friends by their names instead of their phone numbers, as is popular on other UPI-supported apps. These unique IDs are powered by Andy, a web3 project that Slice has worked on.
Slice UPI Benefits
Slice’s UPI (Unified Payments Interface) service is designed to provide seamless and quick transactions to its customers.
Some of the major benefits offered by Slice UPI are :
- Fast and Convenient: Slice’s UPI offering ensures swift and hassle-free payments. You can transact and send money to friends in just 1 second.
- Instant cashback: By making a transaction through Slice UPI, you can earn up to 2% cash back every time . This cashback is credited to your Slice account instantly and can be used for future purchases or withdrawn to your bank account.
- No Joining and Annual Fees : Slice does not charge any fees for joining and using its UPI. Also, there are no annual fees and hidden charges associated with Slice UPI
- Secure and Reliable: Slice prioritises security, ensuring your UPI transactions are safe and protected. It uses multiple layers of security to protect your transactions, including two-factor authentication and data encryption.
- Widely accepted: Slice UPI is accepted by millions of merchants across India, both online and offline.
- Bill splitting: You can easily split bills with your friends using Slice UPI.
- No-cost EMI: You can convert your purchases into easy monthly installments (EMI) with no additional charges.
- Rewards: You can earn rewards points on your Slice UPI transactions, which can be redeemed for various products and services. It is a great way to make your everyday transactions more rewarding!
- Manage your finances: Slice UPI provides you with a clear overview of your spending habits, helping you manage your finances better.
Note : Whether you’re paying bills, shopping online, or transferring funds, Slice aims to simplify your financial experience.
Slice UPI Login
To log in to slice UPI, you need to follow these steps:
- Download the App: Download and install the slice app from the Google Play Store or Apple Play Store
- Open the App: Open the Slice app on your smartphone.
- Create an Account: If you’re a new user, sign up by providing your details such as name, mobile number, and email address. If you are an existing Slice customer, log in using your existing credentials. The onboarding process is simple, fast, and completely digital.
Link Your Bank Account: Once you’re logged in, navigate to the UPI section within the app. Link your bank account by providing the necessary details. Verify your mobile number linked to the bank account through an OTP (one-time password).
Set Up Your UPI Handle: Slice provides users with a unique UPI handle (similar to an email address) that starts with “@slice.” This handle allows you to receive payments directly to your Slice account.
- Add Money to Your Virtual Account: After linking your bank account, you can add money to your virtual account within the Slice app. Use UPI or a card to load funds into your Slice account.
- Start Making Payments: With your Slice UPI account set up, you can now make payments seamlessly. Use your UPI handle (@slice) to receive money or make payments to others.
Slice UPI Charges
Slice UPI is governed by rules set up by The National Payments Corporation of India ( NPCI )
Individual Transactions: For personal transactions using UPI, Slice does not charge any fees. It’s completely free! Whether you’re splitting bills with friends or sending money to family, you won’t incur any charges.
Slice Credit Card charges: If you’re making a payment using your Slice credit card through UPI, the regular credit card charges apply. These vary depending on the transaction amount:
- Up to Rs. 500: Nil
- Between Rs. 501 to Rs. 2,000: Rs. 15
- Between Rs. 2,001 to Rs. 10,000: Rs. 40
- Between Rs. 10,001 to Rs. 25,000: Rs. 100
- Above Rs. 25,000: Rs. 150
Merchant Processing Fees: Some merchants might charge processing fees for UPI transactions, irrespective of the platform used. These fees are independent of Slice and directly levied by the merchant.
- No direct charges from Slice for individual UPI transfers.
- Credit card charges apply when using Slice credit card through UPI.
- Potential merchant processing fees independent of Slice.
- Possible charges from your bank as the UPI PSP (unspecified by Slice).
- Cashback and rewards can reduce overall cost.
Note :The National Payments Corporation of India (NPCI), which governs UPI, doesn’t charge any fees for individual transactions. However, the Payment Service Provider (PSP) bank associated with your UPI might have its own charges. Slice doesn’t disclose any specific information about potential PSP charges related to UPI transactions.
Slice UPI Limit
To ensure the security and safety of all transactions, the Unified Payments Interface (UPI) developed by the National Payments Corporation of India (NPCI) is regulated by the Reserve Bank India. The NPCI has set UPI transaction limits.
The transaction limit set by Slice UPI depends on various factors, including:
Transaction Type ( Regular UPI ):
- Per Transaction: Generally, the per-transaction limit is set by the National Payments Corporation of India (NPCI) and your linked bank. It’s typically ₹1 lakh per transaction.
- Daily limit: Slice itself doesn’t impose a daily limit, but your bank might. Be sure to check with them.
- First 24 hours: For newly registered users, slice restricts the maximum transaction amount to ₹5,000 in the first 24 hours.
Transaction Type ( UPI Lite ):
- Per transaction: Limited to ₹500 per transaction.
- Daily limit: Capped at ₹4,000 per day.
- Balance limit: You can hold a maximum of ₹2,000 in your UPI Lite account at any given time.
- Merchant restrictions: Some merchants might have their own transaction limits for UPI payments, independent of slice.
- Credit card: If you’re using slice credit card through UPI, the credit card’s individual transaction limit applies (mentioned in my previous response).
Note : For more information, please refer to the sites below :
- Slice Terms and Conditions: https://www.sliceit.com/T&C/
- Slice Help Center: https://help.sliceit.com/support/solutions
- NPCI UPI FAQs: https://www.npci.org.in/what-we-do/upi/faqs
Always ensure to double-check the limits with your bank and the specific merchant before making a transaction.
Slice UPI Review
Slice UPI can be a convenient and potentially cost-effective option for making digital payments. If you primarily use UPI for small, frequent transactions, UPI Lite within Slice could be a good choice. However, it’s important to be aware of the potential charges associated with using your Slice credit card through UPI.
- No direct transaction fees: Unlike some other UPI platforms, Slice doesn’t charge any hidden fees for individual UPI transfers as of today (February 6, 2024).
- Convenience: Slice app integrates seamlessly with UPI payments, offering one-stop access to various financial services.
- Rewards and cashback: You can earn rewards and cashback on both credit card and UPI payments through Slice’s loyalty program.
- UPI Lite support: Slice supports UPI Lite transactions, allowing for smaller, offline payments without internet connectivity.
- Wide merchant acceptance: Slice UPI is accepted by a growing number of merchants across various categories.
- Credit card charges: If you use your Slice credit card through UPI, regular credit card charges apply, which can add up depending on the transaction amount.
- Potential merchant processing fees: Some merchants might charge additional processing fees for UPI transactions, independent of Slice.
- Unclear PSP charges: Slice doesn’t provide specific information about potential charges levied by your bank as the Payment Service Provider (PSP) for UPI transactions.
- Limited customer support: Some users report longer wait times or difficulties reaching customer support.
- App glitches: Occasional app glitches or bugs have been reported.
Note : The best way to decide if Slice UPI is right for you is to consider your individual needs, spending habits, Rewards and cashback options and exploring other UPI platforms .
In Conclusion, Slice UPI offers a convenient and secure way to make payments and manage your finances. While it has some limitations, it’s a compelling option for users looking for a feature-rich UPI platform. Compared to other UPI platforms, Slice UPI stands out with its unique features like bill payments, in-store payments, and investment options. However, it may not be the best choice for users who prioritize simplicity or low fees. Ultimately, the best UPI platform depends on your individual needs and priorities.
If you’re looking for a versatile and feature-packed UPI app, Slice UPI is definitely worth exploring. With its convenient payment options, rewards program, and investment opportunities, it offers a seamless way to manage your finances.
Sign up today and experience the benefits of Slice UPI for yourself!
What is Slice’s UPI platform?
A service integrated within the Slice app that allows you to make UPI payments to individuals and merchants.
Who can use Slice’s UPI service?
To use the UPI service on Slice, users must have:
- A bank account
- An active mobile number linked to that account
- A smartphone
- An internet connection
What other services does Slice offer?
Slice, the Fintech platform also offers a digital lending service with a Slice Credit Card in collaboration with various NBFCs. It is an attractive option for individuals new to credit due to its relaxed eligibility criteria and up to 2% cash back on every transaction as a reward.
Can I use Slice UPI internationally?
No, It is not possible to do international transactions with Slice UPI. At present it is only available for domestic transactions within India.
How do I reset my Slice UPI PIN?
To reset the process, you need to open the Slice app and go to UPI settings. After that choose “Forgot PIN” to initiate.
How secure is Slice UPI?
Slice UPI platform is secure as it uses security measures like two-factor authentication and data encryption.