Is PhonePe Joining Forces with HDFC Bank to Launch a Co-Branded Credit Card?
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Synopsis
In an exciting development, PhonePe and HDFC Bank have announced their collaboration to introduce a co-branded credit card that promises to enhance the digital payment experience for Indian consumers. This innovative card offers substantial rewards on everyday transactions, particularly through the PhonePe platform. Explore how this partnership aims to redefine financial convenience.
Key Takeaways
- PhonePe and HDFC Bank have launched a co-branded credit card.
- The card offers 10 percent reward points on various spending categories.
- It integrates seamlessly with UPI for easy payments.
- Available in ‘Ultimo’ and ‘UNO’ variants.
- Eligible users can apply via the PhonePe app.
New Delhi, June 27 (NationPress) PhonePe has partnered with HDFC Bank to unveil a new co-branded credit card, marking the digital payments and financial services platform's entry into the co-branded card arena.
The PhonePe HDFC Bank co-branded RuPay credit card is tailored to cater to the changing financial demands of Indian consumers. Notably, it provides advantages for UPI transactions, especially on the PhonePe platform.
"We are thrilled to introduce our inaugural co-branded credit card in collaboration with HDFC Bank. This launch highlights our dedication to offering innovative financial solutions to our diverse user base. This card aims to deliver value to PhonePe customers on their everyday spending by providing them with 10 percent reward points across select categories such as bill payments, recharges, and travel bookings," shared Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe.
Moreover, consumers can utilize this card effortlessly across millions of UPI merchants. "We believe that our strategic alliance with HDFC Bank, combined with the card's benefits, will transform the credit card experience for millions of Indians," she added.
The collaboration between HDFC Bank and PhonePe capitalizes on their respective banking and fintech capabilities to enhance the accessibility and user-friendliness of credit cards.
The cards are available in ‘Ultimo’ and ‘UNO’ variants, providing rewards on popular expenditure categories such as recharges, bill payments, travel, online shopping, groceries, and taxi services.
These cards integrate seamlessly with UPI, enabling users to pay for their daily expenses using their credit card while earning rewards through the extensive merchant network linked to UPI QRs.
"As India’s foremost card issuer, we continually strive to create impactful, customized offerings for our customers and expand access to credit in meaningful ways. Our partnership with PhonePe allows us to reach a segment of digitally savvy consumers, making credit cards more rewarding and widely usable, particularly via UPI — a platform that has become integral to India’s digital payments landscape," stated Parag Rao, Country Head – Payments, Liability Products, Consumer Finance, and Marketing at HDFC Bank.
The ‘Ultimo’ variant presents customers with substantial reward points, including 10 percent reward points on PhonePe app transactions across categories such as bill payments, recharges, travel bookings via PhonePe, and purchases on pincode, PhonePe's hyperlocal delivery app; along with 5 percent reward points on purchases with leading online retailers.
Users will also receive 1 percent reward points on all UPI scan and pay transactions made with the card, along with two domestic airport lounge accesses every quarter.
Eligible PhonePe users can apply for the co-branded credit card directly through the PhonePe Mobile App, with a fully digital application process, according to the company.
Upon issuance by HDFC Bank, users can link the card to PhonePe and make payments to merchants via UPI. They can also manage their card and pay their monthly credit card bill through the PhonePe app.
The rollout of the card for eligible PhonePe users will occur in a phased manner, the company stated.
Point of View
This partnership between PhonePe and HDFC Bank signifies a pivotal moment in India's digital finance sector. It combines the strengths of both entities, promising enhanced accessibility and rewards for consumers, thus aligning with the nation's push towards digitalization and financial inclusion.
NationPress
27/06/2025
Frequently Asked Questions
What are the main benefits of the PhonePe HDFC Bank co-branded credit card?
The main benefits include 10 percent reward points on select categories like bill payments and recharges, easy integration with UPI, and significant rewards on popular spending categories.
How can eligible users apply for the credit card?
Eligible users can apply for the co-branded credit card directly through the PhonePe Mobile App, utilizing a fully digital application process.
What variants are available for the credit card?
The credit card is available in two variants: ‘Ultimo’ and ‘UNO’, each offering different rewards on various spending categories.
Can users manage their credit card through the PhonePe app?
Yes, once issued, users can link their credit card to the PhonePe app, allowing them to manage their card and pay their monthly bills through the app.
When will the card be available to users?
The card will be rolled out to eligible PhonePe users in a phased manner, as stated by the company.
