What's the news? Fintech start-up Slice will now offer its customers term loans on each transaction rather than a revolving credit line, the company said in an email sent to customers. While the email does not specify the reason behind this move, it is in all likelihood due to the Reserve Bank of India's (RBI) new guidelines, which bar prepaid payment instruments (PPIs) like wallets and prepaid cards, such as the one offered by Slice, from offering customers a credit line. Why does this matter? The RBI norms issued in June disrupted many fintech startups, especially in the “buy now pay later” segment, because the business models of many of these companies involved issuing revolving credit to customers to refill their prepaid cards or wallets. Slice's pivot might be something the rest of the industry follows as they figure out ways to comply…
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