Even as there are hundreds of millions of Indians who have bank accounts, only about 30 million of them have credit cards. The adoption rate of the plastic card has largely remained stagnant in the South Asian nation for the last few years.
The relatively young credit-rating system in India covers only a tiny fraction of the nation’s population. And banks neither have sophisticated underwriting systems nor the risk appetite to make any attempts to move the needle.
Slice, a Bangalore-based startup, believes it has found the solution. The startup, which has years of experience in issuing its cards to young professionals with no traditional jobs, said on Wednesday