PhonePe and HDFC Bank have joined forces to introduce the ‘PhonePe HDFC Bank Co-branded Credit Card,’ a significant move for PhonePe into the co-branded card market. This collaboration aims to cater to the modern Indian consumer’s needs by providing advantages on UPI transactions, particularly within the PhonePe ecosystem.
This alliance combines HDFC Bank’s robust banking infrastructure with PhonePe’s fintech innovation, enhancing credit card accessibility and ease of use. The cards, available in ‘Ultimo’ and ‘UNO’ versions, offer rewards across popular categories such as recharges, utility payments, travel, online retail, groceries, and cab services. A key feature is their seamless integration with UPI, enabling users to leverage credit for everyday expenses via UPI QRs, while also earning rewards across the extensive UPI merchant network.
Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe, stated, “We are excited about our first co-branded credit card launch in partnership with HDFC Bank… This card is positioned to offer PhonePe customers value on their regular spends… Additionally, consumers can use this card seamlessly across millions of UPI merchants.”
Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing at HDFC Bank, added, “Our partnership with PhonePe allows us to tap into a segment of digitally native consumers… 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.”
The card will be progressively rolled out to eligible PhonePe users.
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