9 hours ago
- Business
- United News of India
PhonePe partners with HDFC to launch co-branded Credit card
Hyderabad, June 26 (UNI) PhonePe Limited (Formerly PhonePe Private Limited), one of India's leading fintech companies, and HDFC Bank today announced the launch of the 'PhonePe HDFC Bank Co-Branded Credit Card', marking PhonePe's foray into the co-branded card segment.
In partnership with HDFC Bank, this new line of co-branded RuPay Credit Cards is designed to meet the evolving financial needs of the Indian consumer by offering benefits on UPI spends especially on the PhonePe Platform, the company said in a release.
This strategic partnership between HDFC Bank and PhonePe leverages their respective banking and fintech strengths to make credit cards accessible and user-friendly.
Available in 'Ultimo' and 'UNO' variants, these cards offer rewards on popular spending categories like recharge, bill payments, travel, online shopping, groceries, and cabs.
Additionally, the cards integrate seamlessly with UPI, allowing users to pay for their everyday spends via credit card while enjoying the rewards offered on the cards via the extensive merchant network enabled on UPI QRs.
Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe said, "This launch underscores our commitment to providing innovative financial solutions to our wide set of user base. This card is positioned to offer PhonePe customers value on their regular spends, by giving them 10 percent reward points across select categories like bill payments, recharges, and travel bookings. Additionally, consumers can use this card seamlessly across millions of UPI merchants. We are confident that our strategic partnership with HDFC Bank, coupled with the benefits that this card offers will redefine the credit card experience for millions of Indians."
Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing, HDFC Bank, said, "Our partnership with PhonePe allows us to tap into a segment of digitally native consumers, making credit cards more rewarding and widely usable, especially via UPI—an interface that has become central to India's digital payments ecosystem. With this co-branded card, users get the best of both worlds with our trusted credit card platform and PhonePe's customer-centric digital experience."
Eligible PhonePe users can apply for the co-branded credit card directly on the PhonePe Mobile App, the application process is fully digital.
Once the card is issued by HDFC Bank, users can link the card on PhonePe and make payments to merchants via UPI.
Users can also manage their card and pay their monthly credit card bill through the PhonePe app.
The card will be rolled out to eligible PhonePe users in a phased manner.
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