Slice, an Indian fintech startup, has expanded its credit offering, modifying the credit limit to 2,000 rupees, or around $27, which is a massive decrease from the old amounts, a report from Moneycontrol says.
The company previously only had cards between 10,000 rupees and 10 lakh.
“The reason for reducing the starting credit limit was to open up the card for more eligible customers,” Slice Founder and CEO Rajan Bajaj told Moneycontrol.
He said there had been “huge” numbers of customers on the waiting list and that the 2,000 rupee credit limit was one that anyone could qualify for.
“All customers will get the same benefits as in our existing card regardless of the credit limit,” he said.
Customers will be able to attain higher credit limits as they use the card and repay, building up their credit history. The company has honed in on marketing to millennials.
The company has said its next step is to roll out United Payments Interface (UPI) transactions by the end of the year. It also wants to look at potentially expanding to some consumer businesses later. However, Bajaj said the current focus was primarily on scaling the current product and rolling out the aforementioned UPI.
In other news for Indian businesses, PYMNTS writes of the efforts of startup Khatabook to help expand access to more inclusive financial services for the country’s smaller businesses. The efforts will also work to boost the resiliency of those businesses by fostering trust between the merchants and their customers.
Khatabook Co-founder and CEO Ravish Naresh told PYMNTS that there were around 63.4 million micro-, small- and medium-sized enterprises (MSMEs) in India, spanning a wide swathe of businesses like shopkeepers, hairdressers, tailors and more.