India’s pay-later app Slice is introducing a no-fee Visa card that offers its Gen Z and millennial customers cash back and no-cost EMIs during festive sales.
“We are really excited to launch our new Slice card in partnership with Visa to introduce the youth of our country to a world of financial freedom in a simple, transparent and responsible way,” Rajan Bajaj, founder and chief executive officer (CEO) of Slice said in a company statement on Thursday (Oct. 15).
Payments startup Slice was founded in 2016 to cater to the financial needs of the Gen Z and millennial generations. Its customers are young professionals, gig workers and freelancers as well as startup employees and new graduates.
“As a young team, we understand this consumer very well and in the last four years, our primary focus has been on making their financial experience fun and seamless,” Bajaj said.
He added that he believes the perks Slice offers aligns with its users’ priorities and expectations. “We believe cutting-edge new solutions like these will help us become the go-to fintech destination for Young India.”
The Visa card offers Slice users perks like cashback and discounts on popular shopping, food and entertainment platforms. Users also can easily see their EMIs, vouchers and credit history on their slice app.
“Slice is an exciting young proposition that is well suited to the millennial consumer’s credit and payment needs. We are happy to partner with them to enhance the offering with a Visa card and provide access to pay later options,” said Arvind Ronta, head of products, India and South Asia, Visa.
FinTechs and legacy finance institutions are trying to capture the youth market at a time when teen spending is at a 20-year low. Chase bank launched an app-based account for children to help them budget their allowance, check-off chores and work with their parents on savings goals.
Spurred by the pandemic, teen spending had already been dropping for years. Spending peaked in 2006 at $3,023 on average. Last year was already a record low and 2020 is anticipated to drop even further.