New Delhi– Digital payments platform PhonePe has partnered with HDFC Bank to launch its first co-branded credit card, marking the company’s entry into the co-branded card space. The new PhonePe HDFC Bank RuPay credit card is designed to cater to the evolving financial needs of Indian consumers, with special emphasis on UPI-linked spending and rewards.
The card will offer substantial benefits for users transacting on the PhonePe platform, including 10% reward points on select categories such as bill payments, mobile recharges, and travel bookings. “We are excited about our first co-branded credit card launch in partnership with HDFC Bank. This underscores our commitment to providing innovative financial solutions to our user base,” said Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe.
Chandra added that the card will be accepted across millions of UPI-enabled merchants and aims to redefine the credit card experience by offering integrated rewards and ease of use. The card will be available in two variants — ‘Ultimo’ and ‘UNO’ — both offering rewards on popular categories like groceries, cabs, online shopping, and utilities.
The ‘Ultimo’ variant offers 10% reward points on PhonePe app spends across key services, 5% on major online merchants, and 1% on all UPI scan-and-pay transactions using the card. Cardholders will also receive two complimentary domestic airport lounge visits per quarter.
The partnership leverages HDFC Bank’s strength as India’s leading card issuer and PhonePe’s wide digital user base to offer a credit card that integrates seamlessly with UPI. “Our partnership with PhonePe allows us to tap into a digitally native segment, making credit more accessible and rewarding, especially via UPI, which is central to India’s digital payment ecosystem,” said Parag Rao, Country Head – Payments, Liability Products, Consumer Finance and Marketing at HDFC Bank.
Eligible users can apply directly through the PhonePe mobile app via a fully digital onboarding process. Once issued by HDFC Bank, the card can be linked on the PhonePe app for UPI-based payments, credit card management, and bill payments.
The co-branded credit card will be rolled out to eligible users in phases, the company confirmed. (Source: IANS)
