PhonePe and HDFC Bank Unveil Co-Branded RuPay Credit Card with UPI Support

PhonePe and HDFC Bank have announced the launch of the PhonePe HDFC Bank Co-branded Credit Card, marking PhonePe’s debut in the co-branded credit card segment. Issued on the RuPay network, this card combines the strengths of both companies to offer seamless credit access, integrated with the convenience of UPI-based transactions.

Two Variants: Ultimo and UNO

The newly launched credit card is available in two variants — Ultimo and UNO. Both versions are designed to cater to the needs of digital-first consumers, providing reward points for everyday spending and enabling UPI-linked credit payments at millions of merchant outlets across the country.

Ultimo Variant: Premium Benefits

The Ultimo variant offers enhanced benefits for users who actively engage with the PhonePe ecosystem:

• 10% reward points on spending through the PhonePe app, including bill payments, mobile/DTH recharges, travel bookings, and purchases made on Pincode, PhonePe’s hyperlocal delivery platform

• 5% reward points for transactions with select online merchants

• 1% reward points on UPI Scan & Pay transactions

• Two complimentary domestic airport lounge accesses per quarter

These benefits are aimed at consumers who prefer digital transactions and want added value from their daily spends.

UPI Integration for Seamless Credit Payments

A key highlight of the card is its direct UPI integration, enabling users to make payments using credit at UPI QR code-accepting merchants across India. This innovation bridges the gap between traditional credit card usage and the popular UPI ecosystem, giving users the flexibility to choose credit for transactions that would typically require direct bank account debits.

Cardholders can conveniently manage their card through the PhonePe app, allowing them to:

• Track spending

• View reward points

• Pay credit card bills

• Adjust preferences and security settings

How to Apply for the PhonePe HDFC Bank Credit Card

Eligible users can apply for the co-branded credit card digitally through the PhonePe app. Once approved by HDFC Bank, the card will be issued, and UPI linkage will be enabled for immediate use. The card’s rollout will occur in phases, ensuring a smooth adoption process for users nationwide.

Strategic Partnership to Broaden Credit Access

The partnership between HDFC Bank and PhonePe combines the bank’s robust credit issuance infrastructure with PhonePe’s extensive digital reach. This move is expected to:

• Expand credit card access to digital-savvy consumers

• Encourage wider adoption of UPI-linked credit payments

• Drive growth in the usage of co-branded credit cards in the Indian market

PhonePe’s Growing Ecosystem

As of April 2025, PhonePe boasts over 61 crore registered users and a vast merchant acceptance network that spans more than 4 crore outlets. The platform processes over 34 crore transactions daily, with an annualised total payment value (TPV) exceeding ₹150 lakh crore.

With the introduction of its co-branded credit card, PhonePe aims to further solidify its position in India’s digital payments landscape, offering users a flexible and rewarding credit solution integrated with the country’s most popular payment method — UPI.