PhonePe, the Bengaluru-based digital payments and financial services company, partners with the HDFC Bank to launch the ‘PhonePe HDFC Bank Co-branded Credit Card.’ This marks PhonePe’s official entry into the credit card segment. Offered in partnership with HDFC Bank, the new RuPay credit card aims to meet the evolving financial needs of Indian consumers by providing benefits on UPI spends, especially on the PhonePe platform.

HDFC Bank and PhonePe partner to combine their banking and fintech strengths, making credit cards more accessible and user-friendly. The card offers 10% reward points on spends made through the PhonePe app, including bill payments, recharges, travel bookings, and purchases on Pincode, PhonePe’s hyperlocal delivery app.

To read about PhonePe's recent achievement at the Digital Payment Awards 2025, click here! 

PhonePe Credit Card: 2 Variants 

The cards come in two variants—‘Ultimo’ and ’UNO’—and offer rewards on popular spending categories such as recharges, bill payments, travel, online shopping, groceries, and cabs. They also integrate with UPI, allowing users to pay for everyday expenses using their credit card while earning rewards through the wide merchant network enabled on UPI QR codes.

Redefining Credit Card Experience 

“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 user base,” said Sonika Chandra, Chief Business Officer, Consumer Payments at PhonePe. “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,” she adds. 

To read about UPI's latest transaction figures recorded in May, click here! 

Power of Digital and Credit Card Combined 

“As India’s leading card issuer, it is our constant endeavor 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,” said Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing, HDFC Bank.

“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,” he adds.