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PhonePe has partnered with Utkarsh Small Finance Bank to launch the Wish Credit Card, a Fixed Deposit-backed RuPay credit card aimed at new-to-credit customers. Available for online application through the PhonePe app, the card combines the security of an FD (starting from ₹2,000) with the flexibility of a credit card, making it accessible to self-employed individuals, homemakers, and users in tier-2 and tier-3 cities.
Speaking about the launch, Mr. Deep Agrawal, Head of Payments, PhonePe, said, “This partnership is a key step towards building a more financially inclusive India by offering users seamless access to a trusted, rewarding credit product integrated with RuPay on UPI.”
Mr. Govind Singh, MD & CEO, Utkarsh Small Finance Bank, added, “The FD-backed Wish Credit Card blends traditional banking with digital convenience, enabling customers to earn interest, improve their credit score, and make UPI-based transactions — truly making it a ‘Wish come true’.”
The card offers 3% rewards on bill payments and recharges made via the PhonePe app, 1% rewards on Scan & Pay and e-commerce purchases, and a monthly milestone bonus of 200 points on spends of ₹15,000, with easy redemption at ₹1 per point.