PhonePe HDFC Credit Card Benefits: PhonePe has taken a new step in the world of fintech by launching its first credit card. The company has launched a co-branded credit card in collaboration with HDFC Bank.
PhonePe HDFC Bank co-branded RuPay credit card is designed to meet the emerging financial needs of Indian consumers. It also offers benefits especially on UPI spending on the PhonePe platform.
Sonika Chandra, Chief Business Officer, Consumer Payments, PhonePe, said, “We are excited to launch our first co-branded credit card in partnership with HDFC Bank. This launch underlines our commitment to provide innovative financial solutions to our users. This card is designed to provide value to PhonePe customers on their regular spends, giving them 10 percent reward points on select categories such as bill payments, recharges and travel bookings.”
Also used with UPI merchants
This card will be easily used at crores of UPI merchants across the country. He said, “We are confident that our strategic partnership with HDFC Bank, combined with the benefits offered by this card, will redefine the credit card experience for millions of Indians.”
The strategic partnership between HDFC Bank and PhonePe also leverages their respective banking and fintech backgrounds to make the credit card accessible and user-friendly. These cards are available in ‘Ultimo’ and ‘UNO’ variants.
These will offer reward points across popular categories like recharges, bill payments, travel, online shopping, groceries and cabs. These cards also work seamlessly with UPI, allowing users to pay for their daily expenses through credit cards, as well as earn reward points on the card through a large merchant network on UPI QR.
What did HDFC Bank say?
Parag Rao, Country Head, Payments, Liability Products, Consumer Finance and Marketing, HDFC Bank said, “As India’s largest card issuer, we constantly strive to create effective and customized offerings for our customers. Our aim is to make credit accessible to as many people as possible. In collaboration with PhonePe, this card will make it accessible to more digitally active and technology-savvy consumers. This will make credit card usage even more profitable and accessible across multiple platforms, especially through UPI. UPI has now become a very important part of India’s digital payment ecosystem.”
Airport lounge facility is also available
The ‘Ultimo’ variant offers customers significant reward points, including 10% reward points on spending on PhonePe app, bill payments, recharges, travel bookings and Pincode app (PhonePe’s local delivery app), and 5% reward points on major online merchants. Users will also get 1 percent reward points on all UPI scan and payment transactions using the card and domestic airport lounge access twice every quarter.
The company said that eligible PhonePe users can apply for this credit card directly through the PhonePe app. The entire process will be digital. After the card is issued by HDFC Bank, customers can link it to PhonePe and make payments through UPI and also pay their card bill here. The company said that the card will be rolled out to eligible PhonePe users in a phased manner.
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