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PhonePe, in partnership with HDFC Bank, has launched its first-ever co-branded RuPay credit card, marking its entry into the credit card segment. This strategic alliance aims to meet the growing financial needs of Indian consumers, offering exciting rewards and UPI-enabled convenience. Available in two variants – ‘Ultimo’ and ‘UNO’, the cards provide 10% reward points on PhonePe app transactions such as bill payments, recharges, and travel bookings, and purchases made on Pincode, PhonePe’s hyperlocal delivery app. Users also earn 5% rewards on spends at top online merchants and 1% on UPI Scan & Pay transactions using the card.
The card allows seamless integration with UPI, enabling payments across millions of merchants while earning credit card rewards. Sonika Chandra, Chief Business Officer – Consumer Payments at PhonePe, highlighted that the card brings added value to everyday spending for PhonePe users and reflects their commitment to delivering innovative financial solutions.
Parag Rao, Country Head – Payments, Consumer Finance & Marketing at HDFC Bank, noted that this partnership helps them reach digitally native consumers, expanding credit access through UPI, now a core part of India’s digital payments system. The card also offers two complimentary domestic airport lounge accesses per quarter.Eligible users can apply directly via the PhonePe app, with a fully digital application process, card management, and bill payments – all in one place. The rollout will happen in phases.