How BNPL Cards still working ? After RBI's deadline over ?

[Abhishek012]

Anyone know how BNPL cards like Slice, Uni card and LazyPay card still working after RBI's deadline over and another side EarlySalary Card and Kreditbee Card temporarily stopped customers for making any transactions on their prepaid cards ?

RBI guidelines - From 1 July, you can't load payment wallets and prepaid cards with credit line. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007.

According to latest news, Lazypay is looking to relaunch its credit card ‘LazyPay Card’ as a credit card, instead of a prepaid offering and reissue them to the customers to comply with the RBI directive.

 

[Batmanbaba]

Anyone know how BNPL cards like Slice, Uni card and LazyPay card still working after RBI's deadline over and another side EarlySalary Card and Kreditbee Card temporarily stopped customers for making any transactions on their prepaid cards ?

RBI guidelines - From 1 July, you can't load payment wallets and prepaid cards with credit line. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007.

According to latest news, Lazypay is looking to relaunch its credit card ‘LazyPay Card’ as a credit card, instead of a prepaid offering and reissue them to the customers to comply with the RBI directive.

Yes... They have already made people accept new t&c.. Where there was a mention of fixed deposit a lot of times... They might give existing customers normal credit cards... And like one card... Force new customers for fd to get the card...

 

[Rahul92]

Yes... They have already made people accept new t&c.. Where there was a mention of fixed deposit a lot of times... They might give existing customers normal credit cards... And like one card... Force new customers for fd to get the card...

So , if anyone has a limit of 2L , they will have to do a FD of 2L or will they get unsecured cc ?

 

[Batmanbaba]

So , if anyone has a limit of 2L , they will have to do a FD of 2L or will they get unsecured cc ?

That is what to be seen in coming days.... Its currently unclear of what formula they will implement... What about people like me having just 3500 limit....

 

[Gautham]

Anyone know how BNPL cards like Slice, Uni card and LazyPay card still working after RBI's deadline over and another side EarlySalary Card and Kreditbee Card temporarily stopped customers for making any transactions on their prepaid cards ?

RBI guidelines - From 1 July, you can't load payment wallets and prepaid cards with credit line. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007.

According to latest news, Lazypay is looking to relaunch its credit card ‘LazyPay Card’ as a credit card, instead of a prepaid offering and reissue them to the customers to comply with the RBI directive.

RBI gave deadline extension, right?

 

[Abhishek012]

RBI gave deadline extension, right?

No

 

[BankExpertIndia]

Anyone know how BNPL cards like Slice, Uni card and LazyPay card still working after RBI's deadline over and another side EarlySalary Card and Kreditbee Card temporarily stopped customers for making any transactions on their prepaid cards ?

RBI guidelines - From 1 July, you can't load payment wallets and prepaid cards with credit line. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007.

According to latest news, Lazypay is looking to relaunch its credit card ‘LazyPay Card’ as a credit card, instead of a prepaid offering and reissue them to the customers to comply with the RBI directive.

They Made Us To Accept For Some T&C Before 30th June.

 

[mrclown]

After reading the new terms and conditions of slice, it seems that every transaction is going to be a new loan and there are chances of each transaction getting reported to CIBIL, destroying it completely. In a way, they are not loading prepaid cards with credit line.

 

[mrclown]

Close slice

Already done. NOC issued

 

[ujjawal]

Already done. NOC issued

What is the process you have followed to get it closed? Is it closed on Cibil as well?

 

[mrclown]

What is the process you have followed to get it closed? Is it closed on Cibil as well?

Just sent a message to Slice via in-app support to close the account and issue NOC. NOC issued within 10 days.

 

[akshayhs]

What is the process you have followed to get it closed? Is it closed on Cibil as well?

Write to them requesting closure.

 

[iamvk]

Just sent a message to Slice via in-app support to close the account and issue NOC. NOC issued within 10 days.

Are you able to login to Slice account post closure? I got email with letter saying I asked for closure of credit line. Not the closure letter

 

[ujjawal]

Just sent a message to Slice via in-app support to close the account and issue NOC. NOC issued within 10 days.

Write to them requesting closure.

Thanks, will try.

 

[ashwink]

Already done. NOC issued

They don't issue NOC easily how did you get?

 

[Rahul92]

Are you able to login to Slice account post closure? I got email with letter saying I asked for closure of credit line. Not the closure letter

Got it closed in just 5 days by sending an email , issued no dues too !
App shows account on hold. Support email says cibil closure will reflect in a month or so.

 

[akshayhs]

They don't issue NOC easily how did you get?

Now they're issuing. Mostly due to the fear of severe a** whooping from RBI. No idea.

 

[ashwink]

Now they're issuing. Mostly due to the fear of severe a** whooping from RBI. No idea.

That's great also you too received your NOC?

 

[iamvk]

Got it closed in just 5 days by sending an email , issued no dues too !
App shows account on hold. Support email says cibil closure will reflect in a month or so.

Exact situation. Not sure on app status

 

[uttej]

Exact situation. Not sure on app status

Bro can u pls share me details on how to close the slice and get NOC?