PhonePe and HDFC Bank have announced the launch of the ‘PhonePe HDFC Bank Co-branded Credit Card’, marking PhonePe’s entry into the co-branded credit card segment. The new line of RuPay credit cards has been developed to offer customers the ability to earn rewards on UPI transactions, particularly those made on the PhonePe platform.
The partnership combines HDFC Bank’s banking expertise with PhonePe’s digital payment infrastructure. The cards are available in two variants – ‘Ultimo’ and ‘UNO’ – and provide reward points on spending categories such as recharges, bill payments, travel, online shopping, groceries, and cab services. The cards are UPI-enabled, allowing users to make payments using UPI while earning reward points through the UPI QR merchant network.
Speaking on the launch, Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe, said, “We are excited about our first co-branded credit card launch in partnership with HDFC Bank. 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% 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, “As India’s leading card issuer, it is our constant endeavour to create impactful, tailored offerings for our customers, and expand access to credit in meaningful ways. 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 users can apply for the card through the PhonePe app via a digital process. Once issued by HDFC Bank, the card can be linked to the PhonePe app for UPI transactions. Users can also manage their card and pay their credit card bills through the app.
The card will be made available to eligible PhonePe users in phases.
