PhonePe launched its first credit card, which can also be used at UPI merchants
PhonePe HDFC Credit Card: PhonePe has taken a new step in the world of fintech by launching its first credit card. The company claims that through this card, customers will get up to 10% reward, which will help in digital payment as well as savings.
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. The PhonePe HDFC Bank co-branded RuPay credit card is designed to meet the emerging financial needs of Indian consumers. It also offers benefits on UPI spending on the PhonePe platform.
Sonika Chandra, Chief Business Officer, Consumer Payments at 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 new financial solutions to our users. This card is designed to provide value to PhonePe customers on their regular expenses, giving them 10 percent reward points in select categories like bill payments, recharges and travel bookings.”
Also used with UPI merchants
This card can 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 in popular categories like recharge, 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 tailored 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 and more digitally active people who use technology. This will make credit card usage even more profitable and can be used in more places, especially through UPI. UPI has now become a very important part of India’s digital payment system.”
Airport lounge facility also
The ‘Ultimo’ variant offers customers significant reward points, including 10% reward points on spending on bill payments, recharges, travel bookings and Pincode app (PhonePe’s local delivery app) on the PhonePe app, and 5% reward points on large online merchants. Users will also get 1 percent reward points on all UPI scan and payment transactions using the card and will also be given domestic airport lounge facility 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. Once 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.
The post PhonePe launched its first credit card, which can also be used at UPI merchants first appeared on informalnewz.
News