In a strategic partnership, SBI Card and PhonePe have launched the PhonePe SBI Card, a co-branded credit card that offers rewards on everyday transactions. Available in two variants, PhonePe SBI Card PURPLE and PhonePe SBI Card SELECT BLACK, this card caters to diverse customer needs and preferences.
With the PhonePe SBI Card, customers can earn reward points on transactions such as groceries, bill payments, travel bookings, and insurance premium payments. The card offers up to 10% value back on PhonePe in-app transactions and up to 5% value back on online spends on other platforms. Additionally, cardholders can enjoy significant milestones and travel benefits, including complimentary lounge visits and travel vouchers, along with a 1% fuel surcharge waiver.
The partnership between SBI Card and PhonePe aims to provide a seamless user experience, with an integrated application process within the PhonePe app. This allows customers to easily apply, make purchases, and repay their credit card bill on the PhonePe platform.
Salila Pande, MD & CEO, SBI Card, said, "Digital payments in India are experiencing rapid growth, driven by increasing convenience and accessibility of digital platforms. Our strategic partnership with PhonePe is a significant step towards further popularising credit card usage, by combining SBI Card’s deep domain expertise and PhonePe’s extensive digital network."
Sameer Nigam, Co-founder & CEO at PhonePe, added, "We have always been committed to simplifying financial services and making them accessible to all Indians. Through our partnership with SBI Card, we are further expanding our offerings beyond digital payments into the realm of formal credit. We have invested significant effort in creating a smooth user experience by embedding the card functionality directly into the PhonePe app, ensuring it's easy to apply for, manage, and utilize while delivering value."