“Fintech Slice has informed its customers that it will be tweaking its lending model, a move that is seen as an attempt to work around the Reserve Bank of India’s (RBI) mandate that said loading credit lines into prepaid payment instruments (PPIs) like wallets and prepaid cards is prohibited. In a communication to customers on June 19, the Tiger Global-backed startup said that from now on, customers will have to seek fresh approval for a specific amount every time they use the Slice prepaid card to transact. This is a move from its earlier model where Slice would grant a pre-approved credit line to customers to use as per their discretion for any payments.   The new model is similar to how players like ZestMoney and Axio (formerly Capital Float), which identify as pure play Buy Now Pay Later (BNPL), lend. These players, too, inform customers of their eligible limit; however, separate loans from different lending partners are sanctioned for specific purchases as sought by the customer.”