PhonePe rolls out two co-branded credit cards with SBI
The two new products are PhonePe SBI Card Purple and PhonePe SBI Card Select Black. This marks the second such partnership by PhonePe after its earlier tie-up with HDFC Bank.
These credit cards are issued on the RuPay and Visa networks, and are looking to broaden formal credit access while offering rewards on everyday spends.
RuPay variants are UPI linkable, enabling seamless use across millions of merchants nationwide, while the Visa cards can be tokenised on the PhonePe app for secure digital use.
Targeting the rising demand for integrated credit and payments, the PhonePe SBI Cards offer accelerated reward points on groceries, travel, utility payments, insurance premiums and in-app PhonePe transactions.
The Select Black card, positioned as a premium variant, offers up to 10 per cent value back on PhonePe and Pincode app spends and 5 per cent on other online transactions. Purple cardholders can earn up to 3 per cent and 2 per cent respectively on the same categories.
Additional benefits include welcome e-gift vouchers — ₹ 1,500 for Select Black and ₹ 500 for Purple — alongside annual travel vouchers, fuel surcharge waivers and complimentary domestic lounge access.
In another news, PhonePe named former Meta India public policy head Shivnath Thukral as its vice president for public policy and government affairs.
"Shivnath will be responsible for leading PhonePe's external engagement and discussions with policy makers and regulators," the company said in a statement, adding that he would work closely with founders Sameer Nigam and Rahul Chari.
Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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