Latest news with #Shivnath
Mint
23-07-2025
- Business
- Mint
PhonePe rolls out two co-branded credit cards with SBI
Fintech firm PhonePe has rolled out two cobranded credit cards in partnership with SBI Card, largest pure-play credit card issuer. 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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Business Standard
15-07-2025
- Business
- Business Standard
PhonePe ropes in Meta's Shivnath Thukral as V-P for public policy
Digital payments company PhonePe has appointed Shivnath Thukral, former public policy head at Meta India, as its new vice-president for public policy and government affairs. Thukral's seven-year tenure at Meta came to an end in June. "Shivnath will be responsible for leading PhonePe's external engagement and discussions with policymakers and regulators," the company said in a statement, adding that he would work closely with the company's founders, Sameer Nigam and Rahul Chari. Nigam said that they were delighted to have Shivnath join the PhonePe team, adding that he came with rich experience and a deep understanding of public policy, regulatory frameworks, and strategic advocacy. Appointment ahead of IPO plans Thukral's appointment comes at a time when the Walmart-owned fintech prepares to launch its initial public offering (IPO), which is expected to value the company at around $15 billion. PhonePe is aiming to file its draft red herring prospectus (DRHP)—a preliminary document required by Indian regulators—by early August. However, the timeline may still change, as discussions are ongoing and the plan remains flexible. To handle the IPO process, PhonePe has brought in major investment banks including Kotak Mahindra Capital, JPMorgan Chase, Citigroup, and Morgan Stanley. PhonePe's market leadership in UPI PhonePe holds the top position in India's digital payments space, with nearly 48 per cent market share in the Unified Payments Interface (UPI), the real-time mobile payment system operated by the National Payments Corporation of India. PhonePe was initially registered in Singapore but moved its legal base to India in 2022. This shift is widely seen as a step taken in preparation for its planned public listing in the country. In June, the company appointed Zarin Daruwala to its board. Daruwala, who served as CEO of Standard Chartered Bank India, had previously held key leadership positions at ICICI Bank, where she led the wholesale banking business. Thukral's appointment comes at a significant moment, as the debate around the Merchant Discount Rate (MDR) has reignited. The Payments Council of India (PCI) recently wrote to Prime Minister Narendra Modi, urging the introduction of MDR on both Unified Payments Interface (UPI) transactions and Rupay debit cards.
