PhonePe and HDFC Bank Launch Co-Branded Credit Card for UPI Users
PhonePe has partnered with HDFC Bank to launch its first co-branded credit card, marking the fintech giant’s entry into the co-branded card segment.
New Delhi: PhonePe has partnered with HDFC Bank to launch its first co-branded credit card, marking the fintech giant’s entry into the co-branded card segment.
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PhonePe-HDFC Bank RuPay Credit Card Debuts
The newly launched PhonePe HDFC Bank RuPay Credit Card is tailored to meet the evolving financial needs of Indian consumers. It offers special benefits on UPI spending, particularly on the PhonePe platform.
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Exclusive Rewards for PhonePe Users
Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe, said:
“We are excited about our first co-branded credit card launch. This card offers 10% reward points on select categories like bill payments, recharges, and travel bookings made through PhonePe.”
Consumers can also use the card across millions of UPI merchants, unlocking seamless credit-based payments on daily transactions.
HDFC Bank’s Fintech Strategy
Parag Rao, Country Head – Payments, HDFC Bank, stated:
“Our partnership with PhonePe allows us to tap into a digitally native user base. It’s part of our ongoing mission to expand access to credit through meaningful and relevant offerings.”
The initiative aims to make credit cards more user-friendly and integrated into India’s rapidly growing digital payments ecosystem.
Card Variants: ‘Ultimo’ and ‘UNO’
The co-branded card is available in two variants:
- Ultimo
- UNO
Both variants offer rewards on frequent spending categories such as online shopping, groceries, cab rides, travel bookings, and more.
Seamless Integration with UPI
Users can link the card to PhonePe UPI, enabling them to:
- Pay for everyday expenses via Scan & Pay
- Earn 1% reward points on UPI transactions
- Access two domestic airport lounges per quarter (Ultimo variant)
- Manage their card and pay bills directly via the PhonePe app
Fully Digital Application Process
PhonePe stated that eligible users can apply for the card directly through the PhonePe mobile app. The application is completely digital and once issued, the card can be instantly linked and used for payments.
The rollout will occur in phases to select PhonePe users.
