PhonePe and HDFC Bank Launch Co-Branded RuPay Credit Card With Seamless UPI Integration
New Credit Card Offers Up to 10% Rewards and UPI Payment Capability for Millions of Indian Users
Lucknow | June 26, 2025: In a major development in India’s digital payment landscape, PhonePe and HDFC Bank have jointly launched 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 brings together HDFC Bank’s robust credit infrastructure and PhonePe’s dynamic fintech ecosystem to provide a smart, seamless, and rewarding experience for Indian consumers.
The card will be available in two variants—Ultimo and UNO—and is tailored to the growing digital spending habits of users. Most significantly, the card allows UPI-based credit card payments, making it one of the few offerings that combines the flexibility of UPI with the benefits of a credit card.
Key Features of PhonePe HDFC Bank Credit Card:
Ultimo Variant Offers:
- 10% reward points on spending via PhonePe across recharges, bill payments, travel, and Pincode (PhonePe’s hyperlocal e-commerce platform).
- 5% reward points on purchases with top online retailers.
- 1% reward points on all UPI Scan & Pay transactions made using the credit card.
- 2 complimentary domestic airport lounge accesses per quarter.
Digital-First Experience:
Eligible PhonePe users can apply for the co-branded card directly via the PhonePe app through a completely digital process. Once issued by HDFC Bank, the card can be linked within the PhonePe app, enabling UPI-based payments to millions of merchants while earning rewards. Users can also manage their card, check rewards, and pay credit card bills—all within the PhonePe ecosystem.
Strategic Collaboration for Financial Inclusion:
Sonika Chandra, Chief Business Officer at PhonePe, shared:
“This card brings high-value rewards on everyday expenses and is designed for a seamless user experience. It’s an exciting step forward in our journey to make financial products accessible and rewarding.”
Parag Rao, Country Head – Payments & Consumer Finance at HDFC Bank, said:
“Our partnership with PhonePe aligns perfectly with our goal to broaden credit access and enhance value for India’s digitally native consumers. By combining UPI’s reach with our credit offerings, we’re redefining how Indians engage with credit.”
Rollout Plan:
The PhonePe HDFC Bank Co-branded RuPay Credit Card will be made available in phases to eligible PhonePe users, reflecting a scalable approach for maximum reach and user benefit.
About PhonePe:
Founded in 2016, PhonePe is one of India’s leading fintech platforms, with over 610 million users and a merchant network of 40+ million across the country. The company handles over 340 million transactions daily and boasts an annualized TPV of ₹150 lakh crore.
PhonePe’s diversified business verticals include financial services distribution (insurance, lending, wealth management) and consumer tech products like Pincode and Indus AppStore—all aligned with its mission to offer every Indian equal financial opportunities.
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